Stryker Extends Tender Offer for Wright Medical Group's Outstanding Shares

Strategic Insights -

Stryker has announced that it has extended the offering period of its cash tender offer for all outstanding ordinary shares of Wright Medical Group N.V. The tender offer, which was initially set to expire on August 16, 2020, is now scheduled to expire on August 31, 2020. As of June 26, 2020, approximately 10.4 million Wright Medical ordinary shares, representing 8.1% of the outstanding Wright Medical ordinary shares, have been validly tendered. Shareholders who have already tendered their shares do not need to re-tender as a result of the extension.

Key Takeaways:

  • Stryker has extended the offering period of its tender offer for Wright Medical Group's outstanding shares until August 31, 2020.
  • Approximately 10.4 million Wright Medical ordinary shares have been validly tendered as of June 26, 2020.
  • The tender offer is subject to the conditions described in the tender offer statement on Schedule TO filed with the U.S. Securities and Exchange Commission on December 13, 2019.
  • The extension does not require shareholders who have already tendered their shares to re-tender or take any other action.
  • Completion of the tender offer remains subject to the satisfaction of conditions described in the Schedule TO.
  • Innisfree M&A Incorporated is acting as the information agent for the tender offer.

Statistics:

  • As of June 26, 2020, 10,400,780 Wright Medical ordinary shares, representing 8.1% of the outstanding Wright Medical ordinary shares, have been validly tendered.
  • 1,122,988 Wright Medical ordinary shares, representing 0.9% of the outstanding Wright Medical ordinary shares, have been tendered pursuant to guaranteed delivery procedures.

Sources:

[GLOBE NEWSWIRE via COMTEX, dated June 29, 2020]

[Comtex SmarTrend Alert, dated June 25, 2020]

[www.stryker.com, dated June 29, 2020]

[www.wright.com, dated June 29, 2020]

[www.sec.gov, dated December 13, 2019]