A senior executive at Medtronic, vice president of corporate development Chris Cleary, explains how Covidien played “scrappy” upstart all the way to a $43 billion payout. The $43 billion acquisition of Covidien (NYSE:COV) by Medtronic (NYSE:MDT) flunks M&A 101, but looking at the deal by the book is the wrong way to think about it, a senior Medtronic executive said yesterday. That’s because, on the surface, there are few synergies to cover the premium on the deal, according to Chris Cleary, Medtronic’s vice president of corporate development.
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