Latham & Watkins Advises Underwriters in Danaher Corporation’s Offerings of Common Stock and Mandatory Convertible Preferred Stock

Danaher Corporation has announced that it has priced concurrent offerings of 9,509,203 shares of common stock at a price to the public of US$163 per share and 1,550,000 shares of 5.00% Series B Mandatory Convertible Preferred Stock at a price to the public of US$1,000 per share. The underwriters have separate 30-day options to purchase up to an additional 1,426,379 shares of common stock, and up to an additional 167,500 shares of mandatory convertible preferred stock. The offerings are scheduled to be completed on May 12, 2020, subject to customary closing conditions. The net proceeds from the common stock offering and the mandatory convertible preferred stock offering will be approximately US$1.5 billion and US$1.51 billion, respectively (or approximately US$1.73 billion and US$1.67 billion, respectively, if the underwriters exercise their options in full), in each case after deducting issuance costs and discounts.

Latham & Watkins LLP represented the underwriters in the offering with a corporate team led by New York partners Greg Rodgers and Benjamin Cohen, with associates Matt DeSilva and Angel Marcial. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with associate Aaron Bernstein.