Stryker Said to Mull Inversion Bid for Smith & Nephew

Stryker Corp. is examining a bid for $16-billion medical-device manufacturer Smith & Nephew Plc as a standstill period that prevents it from making an offer nears its end, people with knowledge of the matter said.

The Kalamazoo, Michigan-based producer of surgical implants is discussing the financing of a deal and its potential antitrust hurdles with advisers, the people said, asking not to be identified because the discussions are private. Smith & Nephew, based in London, and its advisers are aware of Stryker’s interest, though the U.S. company could still decide against a bid, the people said.