Guidant's shares closed down $1.10, or 1.6%, at $66.88, suggesting investors aren't ready to claim victory just yet. J&J was off 58 cents, or 1%, at $60.47, and Boston Scientific shares slipped 1 cent to $26.34.
J&J, Guidant and Boston Scientific, of Natick, Mass., compete in the coronary-stent market. Stents are devices that are used to hold open clogged arteries. The acquisition of Guidant would expand J&J's reach into the medical-devices arena, where its Cordis unit already operates.
Boston Scientific, meanwhile, says a merger with Guidant, whose series of product recalls led to J&J lowering its offer price, would "create the world's leading cardiovascular device company accelerating diversification and growth."
Even if Boston Scientific and Guidant end up joining forces, that doesn't necessarily spell doom for J&J. That's because there's heart-device maker St. Jude (STJ - Get Report), the No. 3 player in cardiac-rhythm management behind Medtronic (MDT - Get Report) and Guidant. St. Jude's name has in the past come up as a takeover possibility, and this time's no different.