Medical device maker Stryker has extended its tender offer to buy shares of Wright Medical to June 30.
Stryker announced the extension on Monday, April 27, after Wright Medical shareholders voted conditional approval of the sale Friday, April 24. The offer previously had been scheduled to expire Thursday.
Stryker Corp., based in Kalamazoo, Michigan, proposed Nov. 4, 2019 to acquire Wright Medical through a Netherlands-based subsidiary for $5.4 billion including equity and debt. It offered $30.75 a share for Wright Medical shares.
The acquisition would make Stryker a market leader in surgical devices for extremities, including ankle, wrist and shoulder, and biologics, which use patient grafts and cells to grow new bone and tissue.
Wright Medical was founded in Memphis in 1950. It’s based in Amsterdam and has its North American corporate headquarters at 1023 Cherry Road and manufacturing and distribution centers in Arlington. It’s believed to have about 700 employees in the Memphis area out of 3,030 globally as of Dec. 31, 2019.
Wright Medical shareholders on Friday gave conditional approval to an asset sale to Stryker and voted to fix at $30.75 a share the compensation dissenting shareholders may claim from the Stryker acquisition.
Image Credit: Wright Medical