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Smiths Group shares up on bid rejection | Smiths Group shares up on bid rejection |
(about 6 hours later) | |
Shares in Smiths Group have jumped 7.7% after the engineering and technology company rejected a takeover bid for its medical services unit. | |
The group said in a statement on Friday that it had rejected a cash offer of £2.45bn for Smiths Medical. | The group said in a statement on Friday that it had rejected a cash offer of £2.45bn for Smiths Medical. |
The board said it would not be in the interests of shareholders to pursue discussions at that price level. | The board said it would not be in the interests of shareholders to pursue discussions at that price level. |
Smiths did not say who the offer was from but media reports named the bidder as private equity firm Apax Partners. | Smiths did not say who the offer was from but media reports named the bidder as private equity firm Apax Partners. |
Shares in Smiths Group were up 8.4% at one stage, and ended the day up 7.7%, or 99p, at 1381p. | |
The rise in its share price suggests that investors believe a higher offer - whether from Apax or another bidder - will be made for the medical unit. | The rise in its share price suggests that investors believe a higher offer - whether from Apax or another bidder - will be made for the medical unit. |
Smiths Group provides products and services to various industries worldwide including security, energy and communications, as well as to the healthcare sector. | Smiths Group provides products and services to various industries worldwide including security, energy and communications, as well as to the healthcare sector. |
Smiths Medical manufactures products in Mexico, the US and UK, Italy, Germany and China, and sells specialist equipment and devices to more than 120 countries around the world. | Smiths Medical manufactures products in Mexico, the US and UK, Italy, Germany and China, and sells specialist equipment and devices to more than 120 countries around the world. |
Meanwhile, shares in artificial knee and hip maker Smith & Nephew rose 4% to 713.5p after a weekend report said Johnson & Johnson was considering a fresh takeover approach worth at least 800p a share. | Meanwhile, shares in artificial knee and hip maker Smith & Nephew rose 4% to 713.5p after a weekend report said Johnson & Johnson was considering a fresh takeover approach worth at least 800p a share. |
On Friday, Smith & Nephew had denied that it was involved in any takeover discussions. | On Friday, Smith & Nephew had denied that it was involved in any takeover discussions. |
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