U.S. surgical implant maker Stryker Corp is planning a takeover offer for British medical device maker Smith & Nephew Plc that could happen in the coming weeks, Bloomberg reported, citing people familiar with the matter. Stryker plans to offer a significant premium to Smith & Nephew's current share price, with one of the people saying it could be about 30 percent, Bloomberg reported. (bloom.bg/1wi98MK)Smith & Nephew's U.S-listed shares rose 9.3 percent to $38 in late afternoon trading on the New York Stock Exchange on Tuesday, while Stryker shares were up 1.9 percent at $96.81.The two companies could not be immediately reached for comment.The bid is still being finalized and the timing could change, Bloomberg said, citing the people.
Smith & Nephew plc is a global medical devices business operating in the markets for orthopaedic reconstruction and trauma, endoscopy (which includes arthroscopic procedures referred to as sports medicine) and advanced wound management. Shares of SNN traded higher by 9.26% or $3.22/share to $38.00. In the past year, the shares have traded as low as $28.23 and as high as $40.38. On average, 515850 shares of SNN exchange hands on a given day and today's volume is recorded at 3646233.
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