US Stock Market Move | Launches MiniMed (MMED.US) share exchange spin-off; Medtronic Plc (MDT.US) rises over 2.5% against the market trend.

Medtronic Plc (MDT.US), the medical technology giant, announced the launch of a share exchange offer, planning to complete the further spin-off of its former diabetes business MiniMed Group (MMED.US) by exchanging shares with existing shareholders. Under the plan, Medtronic Plc will divest at least 80.1% of its stake in MiniMed, thereby further reducing its shareholding in the already-listed company. Boosted by the news, Medtronic Plc rose over 2.5% against the market trend on Monday, reaching $93.29. According to the exchange plan, Medtronic Plc shareholders can exchange their Medtronic Plc common shares for MiniMed common shares, with the exchange price offering a 7% discount to the market value of MiniMed stock. However, each accepted Medtronic Plc common share can receive a maximum of 4.5939 MiniMed shares. If the final exchange does not hit the above maximum exchange ratio limit, Medtronic Plc expects that for every $100 worth of Medtronic Plc common shares submitted, shareholders will receive approximately $107.53 worth of MiniMed stock. In other words, the plan provides a certain price incentive through an approximately 7% discount for investors willing to convert their Medtronic Plc holdings into MiniMed stock. MiniMed was originally the diabetes business under Medtronic Plc, primarily engaged in medical device businesses related to diabetes management. The company completed its initial public offering (IPO) in March 2026, but Medtronic Plc still retained approximately 90% controlling stake after listing. Currently, Medtronic Plc holds approximately 252.8 million MiniMed common shares, accounting for about 90% of MiniMed's total issued common shares. This exchange offer is a key step in Medtronic Plc's plan to complete the MiniMed spin-off. According to the company's arrangements, Medtronic Plc intends to divest at least 80.1% of its MiniMed stake through this transaction. Unlike directly selling the stake, a share exchange spin-off allows Medtronic Plc shareholders to decide for themselves whether to convert their Medtronic Plc shares into MiniMed shares. On one hand, this helps Medtronic Plc further exit the diabetes business; on the other hand, Medtronic Plc shareholders willing to invest directly in MiniMed can also obtain independent shareholding in the company through this. After the completion of this exchange, the capital relationship between Medtronic Plc and MiniMed will be further weakened. For Medtronic Plc, the transaction means its previously promoted spin-off plan for MiniMed's independent listing has entered a critical stage, and the company will further focus on its core medical technology business; while MiniMed is expected to operate in the public market with a more independent equity structure after detaching from its parent company's control.