This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Covidien Announces Effectiveness Of Mallinckrodt Form 10 Registration Statement

Covidien (NYSE: COV), a leading global provider of healthcare products, today announced that the Securities and Exchange Commission (SEC) has declared effective the Registration Statement on Form 10 filed by Mallinckrodt plc in connection with the separation of the Pharmaceuticals business from Covidien. Covidien expects to complete the distribution of Mallinckrodt ordinary shares after the close of trading on the New York Stock Exchange (NYSE) on June 28, 2013.

On May 23, 2013, Covidien's board of directors approved the separation of Mallinckrodt, and declared a dividend in specie of the Pharmaceuticals business, to be effected by the transfer of the Pharmaceuticals business from Covidien to Mallinckrodt plc and the issuance by Mallinckrodt of ordinary shares directly to Covidien's shareholders (the “distribution”). Covidien shareholders will receive one Mallinckrodt ordinary share for each eight Covidien ordinary shares held as of the close of business on June 19, 2013, the record date for the distribution. The distribution is subject to the conditions that will be set forth in the Separation and Distribution Agreement between Covidien and Mallinckrodt, the form of which has been filed as an exhibit to Mallinckrodt's Registration Statement on Form 10.

There is currently no market for Mallinckrodt ordinary shares. The NYSE has authorized the listing of Mallinckrodt ordinary shares under the symbol "MNK" following the distribution. Mallinckrodt has been advised that trading in its ordinary shares is expected to begin on a "when issued" basis on June 17, 2013, under the symbol "MNK.WI." "When issued" trading of Mallinckrodt ordinary shares will continue until the distribution occurs. Mallinckrodt "when issued" trades will settle after June 28, 2013, with newly issued ordinary shares of Mallinckrodt.

Beginning on June 17, 2013, and continuing through June 28, 2013, Covidien expects that ordinary shares of Covidien will trade in two markets on the NYSE: "regular-way" under the symbol "COV" and in the "ex-distribution" market under the symbol "COV.WI." Covidien shares trading under "COV" will carry the right to receive shares of Mallinckrodt in the distribution. Covidien shares trading under "COV.WI" will not carry the right to receive shares of Mallinckrodt in the distribution.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs