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Baxter initiates exchange offer for Baxalta shares

Baxter International (NYSE:BAX) commences an offer to exchange up to 12.8M shares of Baxalta (NYSE:BXLT), representing a 1.9% stake, that are currently owned by Baxter for common Baxter shares. Following the offer, Baxalta will be wholly independent.

Baxter shareholders should receive ~$107.52 of Baxalta common stock for...