MINNEAPOLIS AND DUBLIN, Ireland - January 26, 2015 - Medtronic, Inc. (NYSE: MDT) and Covidien plc (NYSE: COV) today announced that the Irish High Court has sanctioned the Covidien scheme of arrangement pursuant to which Medtronic will acquire 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 later today.
Trading of Medtronic and Covidien will continue on the New York Stock Exchange until the end of the day today, and the ordinary shares of Medtronic plc are expected to begin trading on the New York Stock Exchange on January 27, 2015.
ABOUT MEDTRONIC
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
ABOUT COVIDIEN
Covidien is a global health care leader that understands the challenges faced by providers and their patients and works to address them with innovative medical technology solutions and patient care products. Inspired by patients and caregivers, Covidien’s team of dedicated professionals is privileged to help save and improve lives around the world. With more than 39,000 employees, Covidien operates in 150-plus countries and had 2014 revenue of $10.7 billion. To learn more about our business visit www.covidien.com or follow us on Twitter.
MEDTRONIC CONTACTS:
Fernando Vivanco
Sr. Dir., Global Communications
+1-763-505-3780
fernando.vivanco@medtronic.com
Jeff Warren
VP, Investor Relations
+1-763-505-2696
jeff.warren@medtronic.com
COVIDIEN CONTACTS:
Peter Lucht
VP, External Communications
+1-508-452-4168
peter.lucht@covidien.com
Coleman Lannum, CFA
VP, Investor Relations
+1-508-452-4343
cole.lannum@covidien.com
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