Danaher Corp. reported results of the oversubscribed exchange offer to swap its shares for the dental spin-off company Envista Holdings Corp.
Washington, D.C.-based Danaher said it accepted 22,921,984 of the tendered shares in exchange for 127,868,000 Envista shares owned by Danaher.
Because the exchange offer was oversubscribed, the company accepted only a portion of the tendered shares. The exchange offer ended Dec. 13.
The exchange ratio for the offer was set at 5.5784 common shares of Brea, Calif.-based Envista — a spin-off of Danaher's dental segment, which became an independent publicly traded company via an IPO on the NYSE.
Computershare Trust Co. NA acted as the exchange agent for the transaction.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as the dealer managers, while Evercore was an adviser to Danaher for the exchange offer.