Medtronic and Covidien Confirm Plan to Close Acquisition by Early 2015

October 29, 2014—In a statement to the US Securities and Exchange Commission, Medtronic, Inc. and Covidien confirmed that the companies expect the closing of Medtronic’s acquisition of Covidien to occur in early calendar year 2015. This expectation is based on, among other things, Medtronic’s and Covidien’s current views of the timing required to finalize the joint proxy statement/prospectus, obtain necessary regulatory and shareholder approvals, and then obtain approval of the Irish High Court. The companies noted that this is consistent with previous guidance that indicated closing was expected to occur in the time period between late calendar year 2014 and early calendar year 2015.

The Form 8-K statement was submitted pursuant to the Securities Exchange Act of 1934 and is available online with other documents related to the transaction.

Among these documents is the companies’ October 24 Financing Plans Fact Sheet that outlines the methods for financing the transaction and the financial benefits expected to be gained by the combination. On October 3, 2014, Medtronic announced that it intends to use approximately $16 billion in external financing to complete the acquisition of Covidien. To fund the cash portion of the transaction, Medtronic intends to utilize new financing expected to be in place by the closing of the transaction.