MiniMed Group, Inc. (Nasdaq: MMED) has completed its separation from Medtronic plc, marking the company's first day as an independent entity. The separation was finalized on October 15, 2026, following the successful conclusion of an exchange offer.
Under the terms of the exchange offer, MiniMed issued 252,813,348 shares of common stock in exchange for outstanding ordinary shares of Medtronic. According to the final results reported by Medtronic, the company accepted an aggregate of 55,032,401 Medtronic ordinary shares from its shareholders. The offer was subscribed at a rate of 5.4x. As a result of this transaction, Medtronic no longer holds any equity stake in MiniMed.
In conjunction with the separation, MiniMed’s Board of Directors underwent a restructuring. Four directors—Linnea Burman, Scott Cundy, Laura Mauri, and Matthew R. Walter—resigned effective October 15, 2026. The Board subsequently reduced its size from 11 members to eight and appointed Amy Bricker to fill the vacancy. Ms. Bricker, who currently serves as Executive Vice President and Chief Enterprise Pharmacy Officer at Walgreen Co., will serve as a Class II director whose term expires at the 2027 annual meeting. She is designated as independent under Nasdaq and SEC guidelines.
The Board also amended the Non-Employee Director Compensation Policy to provide for pro-rated annual grants of restricted stock units for directors appointed between annual shareholder meetings. Ms. Bricker’s compensation will align with the policy described in the amended guidelines.
