Boston Scientific to keep endosurgery biz
This article was originally published in The Gray Sheet
Executive Summary
Firm decides to forego divestiture of a minority stake in its $1.4 billion-in-sales endosurgery unit via an initial public stock offering, the firm announces Aug. 2. Boston Scientific ultimately decided selling a part of the endosurgery business to accelerate debt repayment, a move under consideration since March, "would have reduced, rather than enhanced, Boston Scientific's shareholder value," CEO Jim Tobin explains. Plans to sell non-strategic assets and reduce headcount to cut expenses are still in the works, however, and the firm suggests investors stay tuned for related announcements in the "coming weeks and months" (1"The Gray Sheet" July 30, 2007, p. 17)...
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