Deals
Smith & Nephew Gains on Report of $10.9 Billion Bid
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Smith & Nephew Plc rose the most in more than six years in London trading after Sky News reported the U.K. maker of hip and knee replacements rejected a 7 billion-pound ($10.9 billion) takeover approach from Johnson & Johnson several weeks before Christmas.
David Illingworth, Smith & Nephew’s chief executive officer, declined to comment on the report in remarks today at the J.P. Morgan Healthcare Conference in San Francisco. “Speculation has been going on for 10 years,” he said at the meeting.