British medical equipment firm Smith & Nephew (SN.L) rejected a 7 billion-pound ($10.9 billion) takeover approach from U.S. rival Johnson & Johnson (JNJ.N) late last year, Sky News said, without citing sources. Sky said Johnson & Johnson (J&J) was considering whether to return with a higher offer, after its indicative bid of more than 750 pence a share was turned down as too low. No one at Smith & Nephew (S&N), which is regularly tipped as a bid target for U.S. rivals such as privately-owned Biomet, was immediately available for comment and no one at J&J could immediately be reached for comment. S&N shares closed at 654 pence on Friday, while J&J ended at $62.60. ($1=.6427 pounds) (Reporting by Mark Potter; Editing by Greg Mahlich)
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