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J&J MAKES $1.6 BIL. HOSTILE BID FOR CORDIS, SEEKING COMPLEMENTARY BUSINESS FOR PALMAZ-SCHATZ; CORDIS ADVISES SHAREHOLDERS TO AWAIT BOARD'S DECISION

This article was originally published in The Gray Sheet

Executive Summary

Johnson & Johnson's $1.6 bil. unsolicited proposal to buy Cordis is driven by a desire to marry its market-leading Palmaz-Schatz coronary stent into Cordis' successful family of products for vascular disease. J&J announced on Oct. 19 that it is launching a tender offer of $100 per share for all outstanding Cordis shares.
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