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Medtronic (MDT) - Get Medtronic plc. Report said it has launched a bid for Cyberonics (CYBX) in a stock deal valued at $480 million, or $26 a share.

Although the negotiations have been in the works for two months, no definitive plans have been made. Medtronic's offer is a 62% premium over Cyberonic's closing price of $16.06.

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