In a strange development today, Stryker (SYK) said they’re not in deal talks with Boston Scientific (BSX). This comes two days after there were reports that a deal was on the table. I guess we can infer that they weren’t able to reach a deal or price.
On Monday, The Wall Street Journal reported Stryker had made a takeover approach to Boston Scientific, a move that would create a medical-device giant and would be the latest effort to consolidate a corner of the health-care industry that has produced a raft of large deals lately.
Stryker said in a filing with the Securities and Exchange Commission on Wednesday it doesn’t typically comment on these matters, but it chose to respond following market speculation about a possible deal for Boston Scientific.
Stryker’s filing didn’t dispute that it had made a takeover approach.
The Journal had reported it wasn’t clear how receptive Boston Scientific was to a deal. Boston Scientific said in a statement after the Journal reported on the advance Monday that it was aware of the report but declined to comment.
Boston Scientific declined to comment Wednesday after Stryker’s filing.
Stryker, based in Kalamazoo, Mich., is one of the largest makers of knee- and hip-replacement parts, competing with companies including Johnson & Johnson and Zimmer Biomet Holdings Inc.
Boston Scientific, based in Marlborough, Mass., is one of the largest makers of heart devices such as pacemakers and artery-opening stents, competing with Medtronic and Abbott Laboratories . It develops devices used in diagnosing and treating coronary artery disease, heart monitoring and a broad range of gastrointestinal and pulmonary conditions. The company also makes non-heart devices such as endoscopes, a type of surgical camera.
Stryker is rallying today, but it hasn’t made back everything it lost from the drop earlier this week.