Eli Lilly will offer Guidant stake as split-off:
This article was originally published in Clinica
Eli Lilly's disposal of its 82%-stake in Guidant will take the form of a split-off - an offer to Lilly shareholders to exchange some or all of their Lilly stock for Guidant shares. This plan had been one of the options outlined when Lilly announced its exit from the medical devices industry in January 1994. The split-off proposal is contained in a registration statement filed with the US Securities and Exchange Commission. Following review by the SEC and depending on market conditions, Guidant expects the split-off to be completed during the autumn this year. Specific terms will be announced at the commencement of the exchange offer, the company adds.