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January 25, 2015
Medtronic and Covidien Merger Approved, to Become Medtronic plc
January 26, 2015—Medtronic, Inc. and Covidien plc announced that the Irish High Court has sanctioned the Covidien scheme of arrangement pursuant to which Minnesota-based Medtronic will acquire Ireland-based Covidien under a new holding company incorporated in Ireland to be named Medtronic plc.
With the Court’s approval of the scheme of arrangement, Medtronic and Covidien anticipate that the transaction, which will result in Medtronic, Inc. and Covidien plc becoming wholly owned subsidiaries of Medtronic plc, will close on January 26. Trading of Medtronic and Covidien will continue on the New York Stock Exchange until the end of the day, and the ordinary shares of Medtronic plc are expected to begin trading on the New York Stock Exchange on January 27, 2015.
Also, for purposes of the Irish Takeover Rules, Covidien announced that the scheme of arrangement under which Medtronic acquired Covidien, under a new holding company incorporated in Ireland and to be named Medtronic plc, has become effective. Covidien shareholders will receive the consideration to which they are entitled under the scheme of arrangement within 14 days, advised the company.
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