Boston Scientific Halted On Stryker Takeover Approach
Stryker Corporation (NYSE: SYK) has approached Boston Scientific Corporation (NYSE: BSX) with a buyout opportunity, according to The Wall Street Journal.
Boston Scientific shares spiked 11 percent on the initial report and were subsequently halted with news pending. Stryker plunged 3.3 percent.
Why It’s Important
Any bid would have to surpass $40 per share, according to Stifel Nicolaus, and Wells Fargo predicted shares could be valued around $42 based on the Becton Dickinson-CR Bard deal, according to Bloomberg.
If any such merger goes through, it would be one of the biggest of 2018 given Boston Scientific’s $48-billion market cap. The resulting entity would have a combined value exceeding $110 billion.
What’s Next
Boston Scientific’s position on the prospect is yet unknown and could be announced when trading resumes.
Related Links:
No Fundamental Reason For Boston Scientific Shares' Underperformance, RBC Upgrades Stock
6 Reasons Why Needham Upgraded Boston Scientific
Photo courtesy of Boston Scientific.
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