Benzinga | Nov 11, 2020 05:48AM EST

Stryker Announced Intention to Complete Acquisition of Wright Medical; Said 96% of Wright Medical Shares Were Tendered by Tuesday's Expiration

Stryker (NYSE:SYK) announced that it intends to complete the acquisition of Wright Medical Group N.V. (NASDAQ:WMGI) by effectuating the mergers described in the tender offer statement on Schedule TO filed by Stryker B.V., an indirect, wholly owned subsidiary of Stryker, with the U.S. Securities and Exchange Commission on December 13, 2019, as amended.

The previously announced cash tender offer for all outstanding ordinary shares of Wright Medical by Stryker B.V. expired at 5:00 p.m., Eastern Time, on November 10, 2020. American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has preliminarily advised Stryker B.V. that as of the expiration time, approximately 124,901,861 Wright Medical ordinary shares, representing approximately 96% of the outstanding Wright Medical ordinary shares, were validly tendered pursuant to the tender offer and not properly withdrawn. Subject to the terms and conditions set forth in the purchase agreement, dated November 4, 2019, among Stryker, Stryker B.V. and Wright Medical, which are described in the Schedule TO, on November 11, 2020, Stryker B.V. intends to accept for payment all shares that were validly tendered pursuant to the tender offer and not properly withdrawn, and Stryker intends to effectuate the mergers promptly thereafter. Accordingly, as described in the Schedule TO, Stryker does not intend to provide a "subsequent offering period" for the offer.