Becton, Dickinson Launches Common Stock Offering

Becton, Dickinson and Co. said pre-market Monday it commenced a $2.25 billion offering of common stock as well as a $2.25 billion offering of depositary shares, each representing a 0.05% interest in its Series A mandatory convertible preferred stock. The medical technology firm also said it plans to grant the underwriters an option to acquire up to an additional $225 million of common stock and up to an additional $225 million of depository shares.

Becton noted it plans to use the net proceeds to finance a portion of the consideration for the purchase of C.R. Bard (BCR), which is slated to close in the fall. The company said the closings of the offerings are not conditioned on each other or on the closing of the acquisition. The company added it plans to apply to list the depository shares on the New York Stock Exchange under the ticker “BDXA” since no public market currently exists for the depository shares.

By Bucky Rini