Medtronic’s Diabetes Split-Off Drew a Crowd. Now MiniMed Has to Deliver.

When Fridley-based Medtronic announced earlier this year it would split-off MiniMed, its diabetes business, investors expressed interest in exchanging their shares. On Oct. 15, Medtronic reported it had a 5.4x oversubscription for its exchange offer for MiniMed. While all shareholders with 100 shares or less received a full exchange, a Medtronic spokesperson tells TCB that allocations were done “pro rata for holders who tendered more than 100 shares.” Medtronic said it returned the remaining shares that weren’t able to be exchanged back to its shareholders. Following the split, MiniMed is officially an independent business and has moved its operational headquarters to California. Medtronic retained 0% equity ownership in the new entity. The move is part of a larger push to sharpen the company’s focus on higher-growth opportunities across cardiovascular care, neuroscience, surgical technologies, and robotics, a company spokesperson told Twin Cities Business in a July story about its acq