Shares Of Smith & Nephew Rally Amid Rumor Of Stryker Bid
Smith & Nephew (NYSE: SNN) shares spiked up almost 13 percent in Wednesday's pre-market session following a tweet by The Financial Times' Ed Hammond.
The tweet indicated that Stryker (NYSE: SYK) may be preparing a bid to acquire Smith & Nephew.
Scoop: Stryker preparing bid for Smith & Nephew - story to come
— ed hammond (@EdHammondNY) May 28, 2014
Stryker issued a press release just before Wednesday's opening bell confirming it does not intend to make an offer for Smith & Nephew, but said it "reserves the right to make an offer within six months."
Shares of both Stryker and Smith & Nephew fell from pre-market highs following the Stryker statement. Both, however, are trending above Tuesday's close.
After hitting a pre-market high at $93.24, Smith & Nephew shares are now trading around $82.44, up about $2 from Tuesday's close. Shares of Stryker, meanwhile, have fallen from a pre-market high of $88.25 to $82.62.
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