Boston Scientific poised to snap up Guidant
31 March 2006 00:00 in Medical Company Restructures
Boston Scientific's proposed takeover of Guidant is nearing completion as shareholders vote on the acquisition.
The $27 billion acquisition is being put before shareholders before it moves into the next stage of final regulatory clearances, with industry observers expecting the deal to progress.
The American pharmaceutical firm edged out Johnson & Johnson when bidding began for Guidant in January.
Boston Scientific eventually bid $27 billion (?15.3 billion) for the firm to land it, after Johnson & Johnson had offered $24.2 billion.
The deal with Johnson & Johnson was first initiated as far back as December 2004, but fell down after the pharmaceutical giant lowered its offer amid product recalls at Boston.
Boston Scientific shareholders were due to vote on the deal at 10:00 (EST) with Guidant shareholders staging their own vote simultaneously.
© Adfero LtdOther news stories from 31/03/2006
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