Danaher corporation (nyse:dhr) announced the split-off of 80.6% stake in envista holdings corporation (nyse:nvst).

Danaher corporation (nyse:dhr) announced the split-off of 80.6% stake in envista holdings corporation (nyse:nvst) on november 15, 2019. pursuant to the terms of the transaction, danaher corporation will exchange up to an aggregate of 127 million common shares of envista holdings corporation for outstanding shares of danaher corporation that are validly tendered and not validly withdrawn. pursuant to the exchange offer, for each $100 of danaher common stock accepted in the exchange offer, shareholders will receive approximately $107.53 of envista common stock, subject to an upper limit of 5.5784 shares of envista common stock per share of danaher common stock. the exchange offer does not provide for a lower limit or minimum exchange ratio. if the upper limit is in effect, then the exchange ratio will be fixed at that limit, and shareholders will receive 5.5784 shares of envista common stock per share of danaher common stock. the exchange offer will expire and withdrawal rights shall terminate on december 13, 2019, unless the exchange offer is extended or terminated, except with respect to shares of danaher common stock held through the danaher corporation & subsidiaries savings plan, the danaher corporation & subsidiaries retirement & savings plan and the danaher corporation & subsidiaries puerto rico savings plan (collectively, the “savings plans”), which cannot be withdrawn after december 9, 2019 (unless extended). the completion of the exchange offer is subject to certain conditions,including: at least 38.36 million shares of envista common stock being distributed in exchange for shares of danaher common stock validly tendered in the exchange offer; and the receipt of an opinion of counsel that the exchange offer will qualify for tax-free treatment to danaher and its participating stockholders. the exchange offer is voluntary for danaher stockholders. no action is necessary for danaher stockholders who choose not to participate, and their existing danaher shares will not be impacted. goldman sachs & co. llc and j.p. morgan securities llc will serve as dealer managers for the exchange offer.
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