Danaher Says Envista Exchange Offer Oversubscribed

By Colin Kellaher

Danaher Corp. (DHR) on Monday said its offer to swap its 80.6% stake in Envista Holdings Corp. (NVST) for Danaher shares was vastly oversubscribed, resulting in a preliminary proration factor of about 7.22%.

The Washington science and technology company said its shareholders tendered roughly 305.6 million shares in its offer to exchange 5.5784 Envista shares for each Danaher share.

Danaher said it will accept about 22.9 million of the tendered shares in exchange for the 127.9 million shares of Envista it still owns. Envista, a Brea, Calif., dental-products company, completed its initial public offering in September.

Danaher said shareholders who own fewer than 100 shares won't be subject to the final proration factor, which it expects to announce later this week.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 16, 2019 06:50 ET (11:50 GMT)

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