The Fly

Medtronic recommends rejection of below-market mini-tender by TRC Capital

The company states: "Medtronic recently became aware that TRC Capital Investment Corporation has made an unsolicited mini-tender offer to purchase up to 1,500,000 Medtronic ordinary shares, representing approximately 0.1% of the company’s outstanding ordinary shares. TRC’s offer price of $77.25 per share in cash is approximately 4.5% lower than the $80.91 closing price of Medtronic ordinary shares on January 20, 2023, the last closing price prior to commencement of the offer. Medtronic does not recommend or endorse TRC’s unsolicited below-market mini-tender offer. Further, because the offer is at a price significantly below the current market price of Medtronic ordinary shares, Medtronic recommends that shareholders not tender their shares. Medtronic is not affiliated or associated with TRC, its mini-tender offer, or the mini-tender offer documentation."

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