Stryker (NYSE: SYK) reported all required regulatory approvals have been obtained for the previously announced cash offer for all outstanding shares of Wright Medical Group N.V. (NASDAQ: WMGI) by Stryker B.V., a wholly owned subsidiary of Stryker.
The Federal Trade Commission has voted to approve the transaction on November 3rd, 2020. Stryker had agreed to divest its STAR total ankle replacement product and related assets and finger joint replacement products.
“We are pleased to receive the necessary regulatory approvals for the proposed acquisition of Wright Medical and to be moving ahead with the offer to the company’s shareholders,” said Kevin Lobo, Chairman and Chief Executive Officer, Stryker. “Wright Medical has built a successful business, and together we look forward to working with customers to continue delivering solutions that improve patient outcomes.”
Due to regulatory approvals, Stryker expects to complete the tender offer promptly following the expiration of the offer that is scheduled to expire November 10th, 2020 at 5:00 p.m.