Stryker extends offering for Wright Medical outstanding shares

Spinal Tech

Stryker has extended the offering period of its cash tender offer for all outstanding ordinary shares of Wright Medical Group, a device company focusing on orthopedic extremities and biologics.

Five things to know:

1. The offering will now expire Aug. 31.

2. As of June 26, about 8.1 percent of Wright Medical outstanding ordinary shares had been tendered pursuant to the offering and not properly withdrawn.

3. Additionally, about 0.9 percent of outstanding ordinary shares were tendered pursuant to guaranteed delivery procedures.

4. The offering will continue to be extended until all conditions are satisfied or waived.

5. In April, Wright Medical shareholders gave conditional approval to sell assets to a Stryker subsidiary for $5.4 billion, which includes equity and debt.

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