Medtronic Retires 55 Million Shares Post-Spinoff, No Cash Spent

• Medtronic spun off its diabetes segment, now called MiniMed, and retired 55 million shares.
• The spinoff was part of an oversubscribed split-off and exchange deal.
• Medtronic did not spend cash to retire the 55 million shares.
• The hope is that the spinoff will unlock greater margins for Medtronic.
• The stock has already seen positive effects from the spinoff.