LONDON ( TheStreet) -- Smith & Nephew ( SNN) shares rose about 12% on reports the European medical device maker received a takeover bid last month from Johnson & Johnson ( JNJ).

Sky News reported over the weekend that J&J offered 750 pence a share for Smith & Nephew but the offer was rejected as inadequate. Smith & Nephew never disclosed the 7 billion pound ($10.9 billion) offer to its shareholders, but now may be forced to after the rapid rise in its share price.

J&J reportedly is considering whether to raise the bid for its British rival.

Smith & Nephew shares were last trading at 727 pence a share.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

If you liked this article you might like

European Stocks Rise but London Blue Chips Slip on Stronger Pound

Take Advantage of U.K. Budget to Bag Some Bargains

10 Safe Dividend Stocks for Protection Against Fed Rate Hikes

Perrenial Target and Acquirer NuVasive Names New President and COO

Zimmer's LDR Deal Could Force Others to Grow a Dealmaking Spine