Boston Scientific has amended its offer to acquire interventional device firm Guidant of Indianapolis to $80 per share of Guidant common stock.
Late last week the Natick, MA-based firm offered $73 a share, consisting of $36.50 in cash and $36.50 in Boston Scientific common stock. The amended offer is made up of a combination of $42 in cash and $38 in Boston Scientific common stock.
Boston Scientific's latest bid, which is about 12% higher than New Brunswick, NJ-based Johnson & Johnson's current agreement to acquire Guidant for $24.2 billion, is on a firm deadline. Boston Scientific said the offer will expire at 5 p.m. today unless Guidant declares its proposal superior to the agreement with J&J.
The new bid is partly funded by Abbott Park, IL-based Abbott Laboratories, which agreed to buy 4% of the combined company if Boston Scientific successfully buys Guidant.
By AuntMinnie.com staff writers
January 17, 2006
Related Reading
Guidant, J&J announce new purchase deal, January 16, 2006
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
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