A federal judge in Minnesota last week declined to bar a Medtronic (NYSE:MDT) plan to cover more than $63 million in taxes its $43 billion buyout of Covidien (NYSE:COV) would incur for its top executives and directors.
U.S. tax laws impose a 15% excise tax on stock owned by executives and directors for the 6 months before and after a merger transaction. Although it’s said all along that it will offer an excise tax “gross-up” to cover executives from the tax, Medtronic revealed in an August 26 regulatory filing the details of the coverage.
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