In the exchange of up to an aggregate of 127,868,000 shares of Envista stock, which is listed at $27.70 per share in midday trading today, for each $100 of Danaher common stock accepted, approximately $107.53 of Envista stock will be received.
There is a listed limit of 5.5784 shares of Envista stock per share of Danaher stock, according to Danaher’s SEC filing.
The offering, which Danaher commenced on Nov. 15, is slated to close at midnight on Dec. 13. Danaher said the number of shares of its own common stock accepted in the offering is completed and will depend on the final exchange ratio and number of shares validly tendered and not validly withdrawn.
Envista, announced as a spinout in July 2018, closed its initial public offering at $677 million in September, including more than $88 million from the underwriters. The spinout unites the Nobel Biocare, KaVo Kerr and Ormco dental brands under the Envista umbrella.