Danaher Says Envista Exchange Offer Oversubscribed
December 16 2019 - 7:05AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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