Cordis falls to Johnson and Johnson's higher offer
This article was originally published in Clinica
Johnson & Johnson has prevailed in its bid for cardiology specialist Cordis after raising its offer. Following a weekend of negotiations, November 6th brought forth tentative agreement from Cordis for a $109 a share stock-for-stock merger. The board had previously rejected a $100 per share cash or $105 stock swap offer (see Clinica No 679, p 1).