Smith & Nephew, the FTSE 100 manufacturer of hip and knee replacements, has received a £7bn takeover approach from Johnson & Johnson, its US-based rival, I can reveal.
An indicative offer valuing Smith & Nephew (S&N), one of the world’s largest orthopaedics-makers, at more than 750p-a-share was tabled with the company several weeks before Christmas, I’m told.
The approach from Johnson & Johnson (J&J) was discussed by board members at S&N before being rejected on the basis that it substantially undervalued the company.
I understand that the American company has been evaluating whether to return with a higher offer although there’s no certainty that it will do so.
Sunday, January 09, 2011
Exclusive: Smith & Nephew Received £7bn Bid Approach by Mark Kleinman | Sky News Blogs
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