Smith & Nephew Has Multiple Suitors First Stryker and Now Reportedly Medtronic (MDDI Online)
Orthopedics company Stryker has shown an interest in Smith & Nephew, its rival across the pond. Apparently Medtronic is also interested in taking over the U.K. company.
Orthopedics company Smith & Nephew's stock has soared in the past seven days.
In a matter of a week, two news articles have painted the London-based maker of hips and knees as coveted by equally if not better-known names in the medtech world.
First it was Stryker, whose CEO finally acknowledged that the company had taken a preliminary look at Smith & Nephew from and M&A perspective. When Smith & Nephew's shares rose to new highs, a U.K. regulatory panel contacted Stryker and at the panel's request Stryker said it would not bid for the company for a six-month period, according to several news reports.
Now Bloomberg is reporting that Smith & Nephew has a second suitor. Not an orthopedics firm. But medical devices giant Medtronic, which is described as a "more serious bidder" than Kalamazoo, Michigan-based Stryker.
In an email, a Medtronic spokeswoman declined to comment on the rumored takeover, alth...
