Johnson & Johnson just can’t let Guidant go.
The New Brunswick, N.J.-based healthcare titan improved upon its $21.5 billion bid – which it originally lowered from $25.4 billion, but has now upped to $23.2 billion – for the Indianapolis heart device maker yesterday, which the Guidant board approved.
The greater offer price was in response to a bid by Boston Scientific Corp., J&J’s Natick, Mass.-based rival to take Guidant for $25 billion. The company was slated to approve toe offer yesterday, before J&J coughed up the additional chunk of change. Boston Scientific, however, has vowed to continue to fight for the company, hurt last year by product recalls and dips in revenue, which originally agreed to go to J&J in December 2004.
Stay tuned as the drama unfolds. — Carolyn Murphy
Johnson & Johnson raises Guidant bid
Boston formalizes Guidant bid
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