Smith & Nephew Says It's Not in Talks to Be Bought or Make an Acquisition (Bloomberg)
Smith & Nephew's Tantalizing Silence (WSJ)
S&N rejected $11 billion bid approach from J&J: report (UK Reuters)
S&N urged to reveal details of J&J bid (HealthInvestor)
Smith & Nephew Rebuffs JNJ Bid (HealthPointCapital)
Commentary from HealthPointCapital... Smith & Nephew has rejected a $10.9 billion bid from Johnson & Johnson to acquire the company, according to reports out late this weekend. Smith & Nephew turned down the offer before Christmas, saying it undervalued the company. The stock price has increased about 19% over the past three months, driven by takeover rumors.
Some outlets have speculated that the company could face investor backlash over the rebuff, which represented a 15% premium over last Friday's close and about a 2.8x revenue multiple. Smith & Nephew has long been seen as a prime takeover candidate, with Biomet recently identified as a potential acquirer, though merging Smith & Nephew with a large strategic (JNJ, Zimmer, Stryker) could raise anti-trust concerns. A UK analyst noted that Smith & Nephew may have to divest some...
