Funding M&A MedTech

Stryker extends tender offer for all Wright Medical shares

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

The company announced its acquisition of Wright Medical in November 2019. Since then, the FTC increased its scrutiny of the proposed merger in January, a Wright Medical shareholder filed a proposed class-action lawsuit to block the acquisition later that month and the U.K. began a probe into the merger last month.

Also in May, Stryker announced that it entered into an underwriting agreement in connection with a $2.3 billion offering set to finance the acquisition.

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, unless it is further extended or earlier terminated.

According to a news release, as of June 26, more than 10.4 million Wright Medical ordinary shares, representing 8.1% of the outstanding shares, have been validly tendered and not properly withdrawn. Additionally, more than 1.1 million shares (0.9% of the outstanding shares) had been tendered pursuant to guaranteed delivery procedures.

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