---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-158797"
form_type: "8-K"
ticker: "BDX"
cik: "0000010795"
company_name: "BECTON DICKINSON & CO"
filed_at: "2025-07-14T23:59:59+00:00"
generated_at: "2026-05-18T06:36:28.381353+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# BD to spin off Biosciences/Diagnostics, merge with Waters for $4B cash plus 39.2% stake

## Summary
- BD receives $4B cash from SpinCo; BD shareholders get 39.2% of Waters post-merger; Waters holders get 60.8%.
- Transaction structured as Reverse Morris Trust: spin-off of SpinCo then merger with Waters subsidiary.
- Waters to pay $733M termination fee if deal falls under certain conditions; closing targeted by July 13, 2026.
- Conditions include HSR clearance, IRS private letter ruling, Waters shareholder approval, and financing completion.
- Post-closing Waters board to have 11-12 members; BD to designate 1-2 directors, Waters designates 10.

## SEC filing metadata
- accession: 0001193125-25-158797
- form_type: 8-K
- ticker: BDX
- cik: 0000010795
- company_name: BECTON DICKINSON & CO
- filed_at: 2025-07-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/10795/000119312525158797/0001193125-25-158797-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/10795/000119312525158797/d822749d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-158797
- JSON: https://secwatch.observer/filing/0001193125-25-158797.json
- Plain text: https://secwatch.observer/filing/0001193125-25-158797.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.