Ed Kensik01.18.06
The bidding war between Boston Scientific and New Brunswick, NJ-based Johnson & Johnson got hotter on January 17 for Indianapolis, IN-based Guidant as the Natick, MA-based medical device company raised its offer to approximately $27 billion.
In an initial response, Guidants board of directors said that Boston Scientifics $80-per-share bid was better than J&Js $71-per-share offer, according to Reuters News Service.
J&Js most recent offer was to purchase the cardiac device maker for $24.2 billion.
Johnson & Johnson and Guidant initially agreed on a merger last year. Guidant though had recent bouts with product recalls and litigation over its implantable heart devices causing Johnson & Johnson to rethink its purchase and opening the door for Boston Scientifics move.