The stakes are rising in the bidding war for interventional device firm Guidant of Indianapolis. Guidant and suitor Johnson & Johnson of New Brunswick, NJ, announced a new purchase deal on Friday that would see J&J pay $24.2 billion for Guidant.
J&J has been dueling over Guidant with Boston Scientific of Natick, MA. Boston Scientific on January 12 announced that it would boost its bid for Guidant to $73 a share, with the offer consisting of $36.50 in cash and $36.50 in Boston Scientific common stock.
Under the new deal between J&J and Guidant, J&J will pay $40.52 in cash and 0.493 shares of Johnson & Johnson common stock for each outstanding share of Guidant common stock. The deal had a value to Guidant shareholders of $71 per share as of the market close on January 13.
By AuntMinnie.com staff writers
January 16, 2006
Related Reading
Boston Scientific ups Guidant bid, January 13, 2006
Guidant, J&J announce new acquisition deal, January 12, 2006
Guidant expects Q4 sales downturn, January 10, 2006
Guidant schedules J&J vote, December 30, 2005
FDA says Guidant reports more device failures, December 30, 2005
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