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BREAKING- Medtronic Buys Covidien for $42.9 billion

According to multiple outlets, Medtronic (NYSE: MDT) has agreed to purchase Covidien (NYSE: COV) for $42.9 billion or $93.22–a 29 percent premium to Covidien’s closing price on Friday. From the press release:

“We are excited to reach this agreement with Covidien, which further advances our mission to alleviate pain, restore health and extend life for patients around the world,” said Omar Ishrak, Chairman and Chief Executive Officer of Medtronic. “This acquisition will allow Medtronic to reach more patients, in more ways and in more places. Our expertise and portfolio of services will allow us to serve our customers more efficiently and better address the demands of the current healthcare marketplace. We also look forward to welcoming the Covidien team to Medtronic and working together to improve healthcare outcomes globally.”

Disclosure: At the time of this writing, Tim Parker had no position in the above mentioned companies.

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