Report: Medtronic readies $10B bond flotation for Covidien deal
November 17, 2014 by Brad Perriello
Medtronic is preparing to float about $10 billion in bonds to help fund the $43 billion merger with Covidien, according to the Wall Street Journal, citing “people familiar with the sale.”
Fridley, Minn.-based Medtronic originally planned to use some $13.5 billion in overseas cash in the Covidien buyout, scheduled to close early next year. Read more
Medtech mergers stayed strong in Q3
November 12, 2014 by Brad Perriello
The merger & acquisition frenzy that consumed the medical device industry during the 2nd quarter stayed strong during the ensuing period, although the value of the Q3 deals slipped a bit, according to PricewaterhouseCoopers.
Medtech posted more deals during Q3, going from 11 to 13 deals on a sequential-quarter basis, according to PwC’s Pharmaceutical & Life Sciences Deals Insights Quarterly. Read more
Sources: Philips attracts private equity bids for lighting unit
November 13, 2014 by MassDevice
Philips has attracted bids from several private equity groups for the majority of its lighting components business, up for sale as it focuses on higher-margin activities, several sources said yesterday.
Buyout groups including Bain, CVC Capital Partners, Clayton, Dubilier & Rice, Kohlberg Kravis Roberts and Onex handed in indicative offers earlier this week valuing the business at between €2.5 billion euros ($3.1 billion) and €3 billion, the sources said. Read more
Medtronic, Covidien set timetable for shareholders meetings
November 17, 2014 by Brad Perriello
Medtronic and Covidien said today that the Irish High Court approved their plan to hold shareholder meetings Jan. 6, 2015, for votes on their pending, $43 billion merger.
Medtronic’s meeting is slated for 8 a.m. Jan. 6 in Minneapolis. Covidien is scheduled to hold 2 meetings that day, both in Dublin; the 1st, ordered by the High Court, is slated for 10 a.m. and the 2nd 15 minutes later. Read more
Report: Actavis may buy Allergan for at least $60 billion
Merger talks between Allergan and white knight Actavis (ACT) are focused on narrowing a gap of about $3 billion between what has been offered and what is wanted, Bloomberg reported today.
Actavis is willing to pay around $200 per share, or $60 billion, while Allergan wants more than $210 per share, the news service said. Read more