Charles Sternberg, Associate Editor03.03.22
Zimmer Biomet Holdings Inc., a global medical technology leader, has completed its spinoff of ZimVie, Zimmer Biomet's former Dental and Spine business.
ZimVie shares have begun "regular way" trading on the Nasdaq today under the symbol "ZIMV."
"The spinoff of ZimVie marks a major milestone in the active portfolio management of Zimmer Biomet as we continue to strengthen our position as a global leader in the medtech space," said Bryan Hanson, chairman, president and CEO of Zimmer Biomet. "We are confident that this transaction will create shareholder value for both companies and will allow us to increase our focus and enhance revenue growth for our core businesses."
The spinoff was achieved through the distribution of 80.3% of the shares of ZimVie to holders of Zimmer Biomet common stock on March 1, 2022, with Zimmer Biomet stockholders receiving one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock held at the close of business on the record date of February 15, 2022.
Fractional shares of ZimVie common stock will not be distributed to Zimmer Biomet shareholders. Instead, fractional shares of ZimVie common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Zimmer Biomet shareholders who otherwise would have received fractional shares of ZimVie common stock.
ZimVie shares have begun "regular way" trading on the Nasdaq today under the symbol "ZIMV."
"The spinoff of ZimVie marks a major milestone in the active portfolio management of Zimmer Biomet as we continue to strengthen our position as a global leader in the medtech space," said Bryan Hanson, chairman, president and CEO of Zimmer Biomet. "We are confident that this transaction will create shareholder value for both companies and will allow us to increase our focus and enhance revenue growth for our core businesses."
The spinoff was achieved through the distribution of 80.3% of the shares of ZimVie to holders of Zimmer Biomet common stock on March 1, 2022, with Zimmer Biomet stockholders receiving one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock held at the close of business on the record date of February 15, 2022.
Fractional shares of ZimVie common stock will not be distributed to Zimmer Biomet shareholders. Instead, fractional shares of ZimVie common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Zimmer Biomet shareholders who otherwise would have received fractional shares of ZimVie common stock.