Shares in Smith & Nephew (SN.L), Europe's largest maker of replacement knees and hips, hit a record high on Monday on a report it received a bid last month from Johnson & Johnson (JNJ.N), which was not disclosed. Its U.S. rival made a 7 billion-pound ($10.9 billion) takeover approach that was turned down as inadequate by the British group, Sky News said at the weekend, without citing sources. 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 spurned as too low, Sky added.
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