Danaher Corp. said the exchange offer to swap its shares for the recently spun off Envista Holdings Corp. was oversubscribed as 305,594,776 shares were tendered before the expiration of the offer Dec. 13.

Under the terms of the offer, Washington, D.C.-based life sciences tools company Danaher will accept 22,921,984 shares for exchange. The healthcare equipment company will accept shares tendered for the exchange on a pro rata basis, as the offer is oversubscribed, and plans to announce the final proration factor after Dec. 17.

The exchange ratio for the offer is set at 5.5784 common shares of Brea, Calif.-based dental-device maker Envista Holdings for each share of Danaher.

Danaher spun off its dental segment into an independent publicly traded company Envista, which raised $643.4 million via its IPO on the NYSE. Danaher owns about 80.6% — 127,868,000 shares — of Envista.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the dealer managers for the exchange offer, while Evercore was the adviser to Danaher.