MiniMed (Nasdaq: MMED) filed a Form S-4 Registration Statement with the Securities and Exchange Commission on Sept. 14 in connection with Medtronic plc's (NYSE: MDT) offer to exchange up to 225,361,295 shares of MiniMed common stock for outstanding Medtronic ordinary shares.

The shares subject to the exchange offer represent 80.1% of MiniMed's total outstanding common stock. Medtronic currently holds approximately 89.86% of MiniMed's total outstanding shares. If the exchange offer is oversubscribed, Medtronic intends to include an additional 27,452,053 MiniMed shares in the exchange without extending the offer period. If completed, Medtronic would hold no remaining equity stake in MiniMed.

In the exchange offer, Medtronic shareholders may tender their ordinary shares in return for shares of MiniMed common stock, subject to the terms of the offer.

"With the exchange offer underway, our separation from Medtronic is entering the final stage," said Que Dallara, Chief Executive Officer of MiniMed. "Independence does not make the job easier; it simply means our execution is entirely in our own hands."

Medtronic has also filed a Schedule TO with the SEC in connection with the exchange offer. MiniMed is based in Northridge, California, and describes itself as a provider of insulin delivery systems operating in 80 countries.