Wright Medical moved closer to finalizing a transaction with Stryker and announced COVID-19-related pay reductions, according to the Daily Memphian and Reuters.
Five updates on the device company:
1. Wright Medical shareholders gave conditional approval April 24 to sell assets to a Stryker subsidiary for $5.4 billion, which includes equity and debt, according to the Daily Memphian. They voted to set the compensation that dissenting shareholders may claim at $30.75 per share.
2. Shareholders also voted to conditionally discharge Wright Medical's directors and appoint Stryker executives to form an interim board after the deal closes.
3. Stryker extended its tender offer to buy Wright Medical shares to June 30. The offer was scheduled to expire April 30, and this is the second time it has been extended.
4. Wright Medical President and CEO Robert Palmisano will temporarily take a 50 percent reduction in base salary due to the COVID-19 pandemic, according to Reuters.
5. The company approved a 25 percent temporary pay cut for other executives, as well as temporary 50 percent reductions in board cash retainer payments.