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MarketScreener Homepage  >  Equities  >  Nyse  >  Stryker Corporation    SYK

STRYKER CORPORATION (SYK)
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Stryker : Says It Isn't in Deal Talks With Boston Scientific -- Update

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06/13/2018 | 04:11pm CEST

By Aisha Al-Muslim

Medical-technology company Stryker Corp. said Wednesday it is not in discussions with Boston Scientific Corp. regarding a potential takeover.

On Monday, The Wall Street Journal reported Stryker had made a takeover approach to Boston Scientific, a move that would create a medical-device giant and would be the latest effort to consolidate a corner of the health-care industry that has produced a raft of large deals lately.

Stryker said in a filing with the Securities and Exchange Commission on Wednesday it doesn't typically comment on these matters, but it chose to respond following market speculation about a possible deal for Boston Scientific.

Stryker's filing didn't dispute that it had made a takeover approach.

The Journal had reported it wasn't clear how receptive Boston Scientific was to a deal. Boston Scientific said in a statement after the Journal reported on the advance Monday that it was aware of the report but declined to comment.

Boston Scientific declined to comment Wednesday after Stryker's filing.

Stryker, based in Kalamazoo, Mich., is one of the largest makers of knee- and hip-replacement parts, competing with companies including Johnson & Johnson and Zimmer Biomet Holdings Inc.

Boston Scientific, based in Marlborough, Mass., is one of the largest makers of heart devices such as pacemakers and artery-opening stents, competing with Medtronic and Abbott Laboratories. It develops devices used in diagnosing and treating coronary artery disease, heart monitoring and a broad range of gastrointestinal and pulmonary conditions. The company also makes non-heart devices such as endoscopes, a type of surgical camera.

Stryker's shares rose more than 10% in premarket trading Wednesday. They had fallen sharply in the wake of the Journal report.

Boston Scientific's stock fell 2.1% in premarket trading Wednesday.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BOSTON SCIENTIFIC CORPORATION -0.38% 34.16 Delayed Quote.38.32%
STRYKER CORPORATION 0.70% 169.8 Delayed Quote.8.94%
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Financials ($)
Sales 2018 13 543 M
EBIT 2018 3 450 M
Net income 2018 2 269 M
Debt 2018 3 879 M
Yield 2018 1,10%
P/E ratio 2018 29,13
P/E ratio 2019 23,47
EV / Sales 2018 4,89x
EV / Sales 2019 4,53x
Capitalization 62 374 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 184 $
Spread / Average Target 9,0%
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Managers
NameTitle
Kevin A. Lobo Chairman, President & Chief Executive Officer
Lonny J. Carpenter Group President-Global Quality & Operations
Glenn S. Boehnlein Chief Financial Officer & Vice President
Bijoy Sagar Chief Information Officer & Vice President
Ronda E. Stryker Independent Director
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