Stryker extends offer for Wright Medical shares again

April 28, 2020 M&A, Medical Devices, Orthopedics, Stryker

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.

By Wayne Risher | Daily Memphian

Image Credit: Wright Medical

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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.