Smith & Nephew (S&N) has rejected a takeover offer by the U.S. healthcare group, Johnson & Johnson (J&J), Financial Times reports. J&J had offered to buy the hip-and-knee replacement manufacturer for £7 billion in 2010.
The board of Smith & Nephew declined the offer, estimated to be around 750-800 pence a share, on the grounds that it was undervalued. It is not known whether J&J will offer a raised amount at a later date.
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