Deals
Smith & Nephew Rejected $10.9 Billion Offer From J&J, Sky Says
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Smith & Nephew Plc rejected a 7 billion-pound ($10.9 billion) takeover approach from Johnson & Johnson several weeks before Christmas because it “substantially undervalued” the U.K. medical devices maker, Sky News reported, citing unidentified people.
The indicative offer was at more than 750 pence a share, Sky News Business Editor Mark Kleinman wrote late yesterday on his blog. Smith & Nephew shares fell 1.9 percent to 650 pence a share in London on Jan. 7.