Stryker Corp - SYK STOCK NEWS

Stryker (NYSE:SYK) will participate in the 3rd Annual Evercore ISI HealthCONx Virtual Conference on December 3, 2020. The presentation starts at 8:00 a.m. Eastern Time and will be represented by Preston Wells, Vice President, Investor Relations, and Spencer Stiles, Group President, Orthopaedics and Spine. A webcast will be available on Stryker's website, allowing for both live viewing and replay. Stryker is a leading medical technology firm committed to improving healthcare through its innovative products in Orthopaedics, Medical and Surgical, and Neurotechnology.

Stryker has completed the acquisition of Wright Medical Group for $30.75 per share, enhancing its position in the trauma and extremities market. The acquisition, which involved 124.9 million shares and represents approximately 96% of Wright Medical's outstanding shares, allows Stryker to expand its product offerings, particularly in the fast-growing upper and lower extremities segments. The company is not providing fourth-quarter earnings guidance due to uncertainties from the COVID-19 pandemic but plans to offer 2021 guidance in January 2021.

Stryker announced its intent to complete the acquisition of Wright Medical Group, with approximately 96% of shares validly tendered as of November 10, 2020. The cash tender offer for Wright's shares expired on the same day, and Stryker plans to accept all validly tendered shares on November 11, 2020, following the specified purchase agreement. This strategic acquisition is expected to enhance Stryker's market position and product offerings in the medical technology field.

Stryker (NYSE:SYK) has elected Giovanni Caforio, M.D., Chairman and CEO of Bristol Myers Squibb, to its Board of Directors, effective December 1, 2020. Kevin Lobo, CEO of Stryker, highlighted Dr. Caforio's extensive experience as a physician and business leader, emphasizing his contributions to patient-focused innovations. Dr. Caforio brings significant expertise in biopharmaceuticals, having led Bristol Myers Squibb since 2015, including the notable acquisition of Celgene. Stryker aims to enhance healthcare through innovative medical solutions.

Stryker (NYSE: SYK) has received all regulatory approvals for its cash tender offer for Wright Medical Group N.V. (NASDAQ: WMGI). The U.S. Federal Trade Commission approved the transaction on November 3, 2020, followed by the UK Competition and Markets Authority. To facilitate this acquisition, Stryker agreed to divest its STAR total ankle replacement product and finger joint replacement products. The tender offer is set to expire at 5:00 p.m. ET on November 10, 2020, with completion subject to conditions outlined in the tender offer statement.

Stryker reported a net sales increase of 4.2% to $3.7 billion for Q3 2020, despite COVID-19 disruptions.

Organic net sales rose 3.3%, with adjusted EPS climbing 12% to $2.14. Reported net income grew 33.3% to $621 million. Operating income margin improved to 28%, a 260 bps increase. Stryker refrained from providing Q4 or full-year guidance due to pandemic uncertainties.

Stryker (NYSE: SYK) announced an extension for its cash tender offer for Wright Medical Group N.V. (NASDAQ: WMGI) shares, now set to expire on November 10, 2020. As of October 23, 2020, approximately 12.4% of Wright's shares have been tendered. The completion of the tender offer is contingent upon various conditions outlined in the Schedule TO filed with the SEC. Shareholders who have already tendered do not need to take further action. For more details, shareholders are advised to contact Innisfree M&A Incorporated.

Stryker (NYSE: SYK) announced an extension of its cash tender offer for Wright Medical Group (NASDAQ: WMGI). The new expiration is set for October 28, 2020. As of October 12, 2020, approximately 10.7% of Wright's outstanding shares, or 13,870,057 shares, were tendered. The completion of this offer is subject to conditions outlined in previous filings with the SEC. Shareholders who have tendered do not need to act again due to this extension. Innisfree M&A Incorporated serves as the information agent for the tender offer.

Stryker (NYSE: SYK) has extended the offering period for its cash tender offer for Wright Medical Group N.V. (NASDAQ: WMGI) shares until October 14, 2020. As of September 28, 2020, 13,817,681 Wright Medical shares, about 10.6% of the outstanding shares, had been validly tendered. The tender offer is subject to the conditions in the Schedule TO filed with the SEC. Shareholders who already tendered do not need to act again. Stryker is a leading medical technology company focused on improving healthcare outcomes.