Boston Scientific Corp. wasn’t willing to walk away when Johnson & Johnson sweetened its offer for medical device maker Guidant Corp., so it raised the stakes again in an increasingly priceybidding war that’s picking up in pace.
About 24 hours after J&J increased its price, Boston Scientific followed suit late Thursday. It boosted its proposal by about $330 million and added other enticements it says address concerns Guidant’s board had raised.
The two suitors are dueling for Guidant’s business in implantable defibrillators and pacemakers, a fast-growing $10 billion market in which neither J&J or Boston Scientific are players. The outcome has important implications for Minnesota because Guidant’s cardiac rhythm management division is based in Arden Hills, Minn.
Boston Scientific’s latest $73-per share cash-and-stock bid is larger than the value of J&J’s overall offer, but has a smaller cash component. On Wednesday night, J&J raised its bid from $21.5 billion to $23.2 billion.
