Boston Closes Guidant Deal
Boston Scientific
(BSX) - Get Boston Scientific Corporation Report
has finally completed its acquisition of
Guidant
(GDT)
, creating one of the largest medical-technology companies in the world.
Jim Tobin, Boston's president and CEO, said the new version of his company will be broadly diversified, and, he says, "command a market valuation closer to our peers and generate significant upside potential for our stockholders."
Guidant initially agreed to be acquired by health care giant
Johnson & Johnson
(JNJ) - Get Johnson & Johnson Report
before Boston Scientific
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jumped into the picture. After a drawn-out battle between the suitors, the Natick, Mass., company lured the device maker away with a deal that was
hard to refuse.
Shareholders
overwhelmingly approved the merger, and on Thursday the
Federal Trade Commission cleared the deal.
Friday is the last day Guidant's common stock will trade. The company's stockholders should receive information on exchanging their shares within the next few weeks, Boston Scientific says.
As a part of the merger agreement, Boston also closed the deal with
Abbott
(ABT) - Get Abbott Laboratories Report
, in which the drug and device company is buying Guidant's vascular intervention and endovascular businesses.
Boston Scientific shares were up 1% to $22.48, and Abbott shares tacked on 0.1% to $41.96.
