Interventional device firm Boston Scientific has sweetened its bid for Guidant in a move to make its acquisition proposal more competitive with a rival bid from Johnson & Johnson.
Boston Scientific of Natick, MA, said on January 12 that it would boost its offer for Indianapolis-based Guidant to $73 a share, with the offer consisting of $36.50 in cash and $36.50 in Boston Scientific common stock. It also agreed to divest its assets that overlapped with those of Guidant to address antitrust concerns. The company said the offer would expire at 4 p.m. Eastern Standard Time on January 13.
Earlier in the week, Guidant and Johnson & Johnson of New Brunswick, NJ, announced a new acquisition agreement in which J&J would pay $37.25 in cash and 0.493 shares of its common stock for each outstanding share of Guidant common stock. Valued as of the market close at the time the deal was announced, the transaction had a per-share value of $68.06 to Guidant shareholders.
By AuntMinnie.com staff writers
January 13, 2006
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