This article was originally published in The Gray Sheet
Underwriting syndicate comprised of Goldman, Sachs & Co., Morgan Stanley Dean Witter, BT Alex Brown, Dain Rauscher Wessels, J. P. Morgan Securities and Piper Jaffray commence Aug. 27 public offering of 12.5 mil. shares of Medtronic common stock (plus an over-allotment option of 1.875 mil. shares), the firm reports. Based on Medtronic closing price on Aug. 28 of 56-5/8, the offering is valued at approximately $707.8 mil. Completion of the offering is required in order for Medtronic to purchase through a pooling transaction external defibrillator firm Physio-Control. The $538 mil. stock-swap merger is expected to close in the fall despite recent requests for additional information from the Federal Trade Commission ("The Gray Sheet" Aug. 17, In Brief). Medtronic/Avecor:. FTC requests additional information in connection with its review of the firms' proposed merger, announced in July ("The Gray Sheet" July 20, p. 3)
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