Kalamazoo, Michigan, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Stryker (NYSE:SYK) announced today that all required regulatory approvals have been obtained for the previously announced cash tender offer for all outstanding ordinary shares of Wright Medical Group N.V. (NASDAQ:WMGI) by Stryker B.V., an indirect, wholly owned subsidiary of Stryker. The tender offer is being made pursuant to the purchase agreement, dated November 4, 2019, among Stryker, Stryker B.V. and Wright Medical.

"We are pleased to receive the necessary regulatory approvals for the proposed acquisition of Wright Medical and to be moving ahead with the offer to the company's shareholders," said Kevin Lobo, Chairman and Chief Executive Officer, Stryker. "Wright Medical has built a successful business, and together we look forward to working with customers to continue delivering solutions that improve patient outcomes."

The U.S. Federal Trade Commission voted to approve the transaction on November 3, 2020, and the UK Competition and Markets Authority approved the transaction earlier today. In connection with obtaining the required regulatory approvals for the transaction, as previously announced, Stryker has agreed to divest its STAR total ankle replacement product and related assets and finger joint replacement products.

As a result of the regulatory approvals, Stryker expects to complete the tender offer promptly following the expiration of the offer, which is scheduled to expire at 5:00 p.m. Eastern time on November 10, 2020. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO filed by Stryker B.V. with the U.S. Securities and Exchange Commission on December 13, 2019, as amended.

Innisfree M&A Incorporated is acting as information agent for the tender offer. Requests for documents and questions regarding the tender offer may be directed to Innisfree M&A Incorporated by telephone, toll-free at (888) 750-5834 for shareholders, or collect at (212) 750-5833 for banks and brokers.