Interventional device developer Guidant has terminated its merger agreement with Johnson & Johnson and signed a merger agreement with Boston Scientific.
Boston Scientific has agreed to acquire Guidant of Indianapolis for approximately $27 billion in a cash and stock deal. Natick, MA-based Boston Scientific will pay $42 in cash and $38 of its common stock, subject to a collar, and will also reimburse Guidant for the termination fee of $705 million payable to Johnson & Johnson as a result of the termination.
The deal is subject to customary closing conditions, including clearances under the Hart-Scott-Rodino Antitrust Improvements Act and the European Union merger control regulation, as well as approval of Boston Scientific and Guidant shareholders. Boston Scientific expects the deal to close by the end of the first quarter of 2006.
By AuntMinnie.com staff writers
January 25, 2006
Related Reading
Boston Scientific raises Guidant offer, January 17, 2006
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
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