Stryker extends offer for Wright Medical shares again

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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About Peter Coffaro 761 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the orthopedic industry. Recognized by MedReps.com as one of the top medical sales influencers in the industry; he has 10 years of combined sales management experience and has held positions as a Director, General Manager and Distributor. Peter has worked for some of the top orthopedic companies in the world - Zimmer, DePuy and Stryker. He is also the founder of OrthoFeed: a popular blog that covers orthopedic news and emerging medical technologies. Peter is a three-time Hall of Fame award winner at Johnson and Johnson and has an extensive background in organizational development, business development, sales management, digital marketing and professional education. Peter holds a B.S. degree in Biology from Northern Illinois University.

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