Guidant, J&J Make New Deal

Jan 26, 2006 | Contact Author | By: Rachel Chapman
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Title: Guidant, J&J Make New Deal
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Guidant Corporation and Johnson & Johnson (J&J) announced a new agreement in which J&J will acquire Guidant for US$24.2 billion in fully diluted equity value. The boards of directors of both companies have unanimously approved the revised offer and the Guidant board recommends its shareholders vote in favor of the revised merger agreement at the scheduled Jan. 31, 2006, shareholder meeting.

"This agreement with Johnson & Johnson provides significant financial value and certainty for shareholders," said James Cornelius, chairman and chief executive officer, Guidant Corporation, in a press statement. "Together with Johnson & Johnson, we will have the resources to continue to build upon the existing Guidant businesses in our pursuit of meaningful innovations to address cardiovascular disease."

Guidant Corp. specializes in lifesaving technology, offering an opportunity for better life today to millions of cardiac and vascular patients worldwide. J&J is a leading comprehensive and broadly based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical, personal care and medical devices and diagnostics markets.