Cordis' Cold Shoulder
CORDIS ISN'T SURRENDERING without a fight. The $443 million manufacturer of medical devices on Nov. 1 rejected as inadequate Johnson & Johnson's $1.7 billion hostile takeover bid, announced two weeks earlier. J&J, which made its move after failing to spark interest in a friendly deal, is eyeing Cordis' line of angioplasty balloons, which would complement J&J's own stents, minute coils that prop up open arteries. Cordis stock jumped to $112 on speculation that J&J would sweeten its bid or that a competing offer may be in the works.
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