Medtronic terminates agreement to acquire EOFlow

In a regulatory filing last night, the company stated: “On May 25, 2023, Medtronic plc announced that it had entered into a set of definitive agreements to acquire EOFlow Co. Ltd. (EOFlow) pursuant to a share purchase agreement, a share subscription agreement, and a public tender offer, subject to the satisfaction of the minimum tender condition and certain customary closing conditions, including receipt of required regulatory clearances. On December 6, 2023, based upon multiple breaches under the Agreements, Medtronic delivered notice to EOFlow that it had exercised its right to terminate the Agreements. Medtronic does not believe any termination fee is payable under the Agreements. The termination does not impact Medtronic’s fiscal year 2024 adjusted earnings per share guidance range that the company provided on November 21, 2023. Medtronic continues to advance its automated insulin dosing product pipeline, including a differentiated patch pump.”