Stryker says not in discussions with Boston Scientific over potential acquisition

Stryker disclosed Wednesday in a filing with the US Securities and Exchange Commission that is not in discussions with Boston Scientific regarding a potential acquisition. Stryker, whose shares rose more than 10 percent on the announcement, said while it is not the company's policy to comment on these matters, it issued the statement in response to speculation about a proposed deal.

On Monday, The Wall Street Journal, citing sources familiar with the matter, suggested that Stryker recently approached Boston Scientific regarding a possible takeover. The rumour caused Boston Scientific's shares to rise as much as 9.5 percent and Stryker's to fall more than 5 percent.

More recently, Canaccord analysts suggested that if Stryker has made an approach, then Johnson & Johnson could engage in a bidding war in an effort to buy Boston Scientific. Commenting on the latest news, Jason Benowitz of Roosevelt Investment Group noted that the statement from Stryker "does not deny that prior discussions took place," adding "putting together a deal for Boston Scientific that creates value for Stryker shareholders would be…challenging."

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