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Smith & Nephew Takeover by US Rival?
Smith & Nephew Takeover by US Rival?
UK medical device giant Smith & Nephew – maker of replacement joints and serious wound dressing medical devices has denied comment that they were presented by an offer from US rival Johnson & Johnson. It was reported that Smith & Nephew had indicated that Johnson & Johnson had undervalued them.
News comes after several months of rumors regarding a takeover. Another firm privately-owned Biomet is rumored to be interested in acquiring Smith & Nephew and has been more likely than Johnson & Johnson to do so. Incredibly in a turning of the tables Smith & Nephew backed out of a deal to acquire Biomet only four years ago.
Biomet is currently valued at $5.7 Billion while Johnson & Johnson is valued at over $172 Billion. The recent takeover speculation is one of several that have targeted British firms recently – who have been under takeover bids from outside of the UK.
Smith & Nephew stock was up on trading.
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