This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-12206583

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Smiths Group shares up on bid rejection Smiths Group shares up on bid rejection
(about 6 hours later)
Shares in Smiths Group have jumped more than 8% after the engineering and technology company rejected a takeover bid for its medical services unit. 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%, or 107 pence, to 1389p in lunchtime trade. 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.