A Stryker subsidiary extended the cash tender offer for all outstanding shares of Wright Medical Group, which Stryker plans to acquire.
Five quick notes:
1. Stryker agreed in November 2019 to acquire all issued and outstanding ordinary shares of Wright Medical Group for $30.75 per share, in a deal totaling about $4 billion.
2. With the recent extension, Stryker BV's cash tender offer won't expire until April 30.
3. The subsidiary will continue extending the previously announced tender offer until all conditions are satisfied or waived, or until the offer is terminated.
4. As of Feb. 25, nearly 17.5 million ordinary shares of Wright Medical had been validly tendered pursuant to the tender offer and not properly withdrawn.
5. No further action is needed from shareholders who have already tendered their Wright Medical shares.
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