BUZZ - Medtronic shares rise due to oversubscription of MiniMed stock swap offering

October 12 - ** Medical device manufacturer Medtronic (MDT.N) shares rose by 2.8% to $90

** Medtronic said its previously announced offer to exchange MDT shares for MiniMed shares was oversubscribed (link)

** After the completion of this share exchange offer, Medtronic will no longer hold any outstanding MiniMed shares

** Medtronic first announced last year its plan to spin off its diabetes business, called the MiniMed Group MMED.O (link)

** MiniMed shares fell by 4.3% to $19, about 5% lower than the IPO issue price of $20 on March 6

** Including today’s move, MDT shares have fallen a total of 5.1% so far this year

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