BDX - Becton Dickinson's board approves spinoff of diabetes care business

Becton, Dickinson and Company's (NYSE:BDX) board approved the spinoff of its diabetes care business, which will be known as Embecta, and declared a pro rata distribution of Embecta shares of to BDX shareholders. The board voted unanimously to approve the spinoff to occur on Apr. 1, concluding that it is consistent with BDX's growth strategy and helps sharpen its focus on core innovation priorities. The spinoff will also enhance the ability of Embecta to attract capital investment, recruit talent and allocate resources into its business development and products. The distribution of Embecta shares will be made to BDX shareholders of record as of the close of business on Mar. 22. The distribution is expected to be completed on 12.01 am, ET, on Apr. 1. BDX will distribute 1 Embecta share for every 5 BDX shares as of the record date. Shareholders will receive cash in lieu of fractional shares of Embecta stock.

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Becton, Dickinson's board approves spinoff of diabetes care business