Covidien (NYSE:COV) shares are up more than 20% today on stellar news that dividend aristocrat Medtronic (NYSE:MDT) is moving in to acquire the medical device maker for $42.9 billion. Inevitably, there is a lot of information in the press release -- so let's condense it down to three quick things you need to know.

In the video below, health care analyst Michael Douglass lays out the three quick facts about the proposed Covidien-Medtronic deal that immediately piqued his interest, and why the price looks like an exciting deal for Covidien shareholders.

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Michael Douglass has no position in any stocks mentioned. The Motley Fool recommends Covidien and Valeant Pharmaceuticals. The Motley Fool owns shares of Medtronic and Valeant Pharmaceuticals. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.