Hill-Rom Rejects $9.6 Billion Takeover Bid From Baxter

Medical equipment maker Hill-Rom Holdings Inc. has rejected a $9.6 billion takeover offer from Baxter International Inc., people with knowledge of the matter said.

Hill-Rom sees Baxter’s proposal of about $144 per share as too low, the people said, asking not to be identified because the information is private. Considerations are ongoing, and Baxter could return with a higher bid, the people said.