M&A MedTech Orthopedic

Stryker extends its bid for Wright Medical — again

Stryker (NYSE:SYK) announced today that it extended the offering period of its cash tender offer for all shares of Wright Medical (NSDQ:WMGI).

Kalamazoo, Mich.-based Stryker’s indirect, wholly-owned subsidiary, Stryker B.V., officially extended the offering period until an expiration date of 5 p.m. ET on Aug. 31, 2020 back in June. Today’s extension sets the expiration of the offer at 5 p.m. ET on Sep 30, 2020, unless it is further extended or earlier terminated, according to a news release.

As of the end of yesterday, more than 13.6 million Wright Medical ordinary shares (10.5% of the outstanding shares) have been validly tendered pursuant to the offer and not properly withdrawn. An additional 729,308 Wright Medical shares (0.6% of outstanding ordinary shares) were tendered pursuant to guaranteed delivery procedures.

Shareholders who already tendered their Wright Medical ordinary shares do not have to re-tender their shares or take any other action as a result of the extension.

Stryker announced its $4.7 billion acquisition of Wright Medical in November 2019. Since then, the FTC increased its scrutiny of the proposed merger in January and a Wright Medical shareholder filed a proposed class-action lawsuit to block the acquisition later that month, in addition to the probing in the U.K.

In May, Stryker announced that it entered into an underwriting agreement in connection with a $2.3 billion offering set to finance the acquisition. Last month, the United Kingdom Competition & Markets Authority (CMA) issued a statement of concern over the impact of the acquisition, claiming there would be a “negative impact on vulnerable patients in the U.K. who need ankle replacements.”

Original Article: (https://www.massdevice.com/stryker-extends-its-bid-for-wright-medical-again/)

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