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

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