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Stock Alert: Medtronic Shares Up 3% On Medicrea Acquisition News

Shares of Medtronic plc (MDT) are currently trading up $2.76 or 2.76% at $97.26 Wednesday morning, after the company announced a tender offer agreement for the acquisition of all outstanding shares of Medicrea. The "friendly voluntary all-cash tender offer" would be at a price of €7.00 per Medicrea share.

Jacob Paul, president of the Cranial & Spinal Technologies division, which is part of the Restorative Therapies Group at Medtronic, said: "Medtronic will become the first company to be able to offer an integrated solution including artificial intelligence driven surgical planning, personalized spinal implants and robotic assisted surgical delivery, which will significantly benefit our customers and their patients."

Medtronic said the acquisition is expected to be immaterial to the Group's adjusted earnings per share in the first two fiscal years before turning accretive in fiscal year 2023.

The stock has been trading in the range of $72.13 - $122.15 for the past one year. Current trading volume is 603K versus an average volume of 6.02 million shares.

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