Categories Earnings, LATEST, Other Industries

Stryker confirms that it didn’t bid for Boston Scientific

Two days after the acquisition speculation sparked in the internet, medical equipment maker Stryker (SYK) stated today in an 8-K filing that it is “not in discussions with Boston Scientific Corporation (BSX) regarding a potential acquisition.”

On June 11, WSJ had reported that Stryker had offered to buy Boston Scientific, which made the latter’s shares shoot to its 52-week new high. On contrary, Stryker ended in red on Monday. Trading of both the companies’ shares was stopped for a while because of high volatility.

Related: Boston Scientific spikes to new 52-week high on takeover rumors

Earlier, both Stryker and Boston Scientific abstained from commenting on the deal. But today the Kalamazoo, Michigan-based medical tech company has confirmed officially that it is not interested in buying Boston Scientific. There are also rumors going around that Johnson & Johnson (JNJ) might bid on the Marlborough, Massachusetts-based company.

Considered one of the megadeals if happened, this acquisition would have created a combined company that would have had revenue of $25 billion in 2019, according to RBC analyst Glenn Novarro.

On Stryker’s confirmation that the deal was not happening, the company’s shares rose about 7% and Boston Scientific stock dropped around 7% during pre-market trading today. When the market opened up, Stryker and Boston Scientific continued the same trend.

Most Popular

HPE Earnings: Hewlett Packard Q1 2024 profit drops but beats Street view

Information technology solutions provider Hewlett Packard Enterprise (NYSE: HPE) on Thursday reported lower earnings and revenues for the first quarter of 2024. Earnings, however, exceeded analysts’ forecasts. First-quarter profit, excluding

After entering FY24 on a high note, Costco is all set to report Q2 results

Costco Wholesale Corporation (NASDAQ: COST) stands out in the retail space for its unique business model that enables the warehouse behemoth to grow store traffic and market share constantly. Currently,

Hormel (HRL) expects continued momentum from its foodservice business in FY2024

Shares of Hormel Foods Corporation (NYSE: HRL) soared over 13% on Thursday after the company delivered better-than-expected earnings results for the first quarter of 2024 and reaffirmed its outlook for

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top