Medtronic shareholders OK $48 billion Covidien acquisition
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MINNEAPOLIS — Medtronic shareholders have approved the acquisition the surgical supplier Covidien in a corporate deal valued at about $48 billion.
Some shareholders were angered by the acquisition of Covidien because it moves the legal headquarters of the combined company to Ireland. Covidien is based in Dublin.
The owners of about 75 percent of Medtronic’s outstanding shares voted Tuesday in favor of the deal, which is the largest transaction in the history of the Minneapolis company.
The Star Tribune reports about 100 people attended the investors meeting at the Hyatt Regency in Minneapolis where Medtronic chief executive Omar Ishrak fielded emotionally charged questions.
The deal was also approved by Covidien shareholders Tuesday. It still needs approval from the Irish High Court.
Medtronic is paying $35.19 per share and exchanging each Covidien share for 0.956 shares in the new company.