Medtronic says M&A guideline is minimal to no 'net' EPS dilution Medtronic (MDT) in investor day presentation slides laid out its guidance for M&A. The company says it has a mid-teens risk-adjusted return hurdle and minimal to no "net" earnings dilution. It added that it needs a "clear financial valuation proposition. Medtronic said it will not take questions on potential M&A. Yesterday, Bloomberg reported the company is evaluating a takeover offer for Smith & Nephew (SNN).