British medical equipment company 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 a comment.
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