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Medical device maker Stryker says not in talks to buy Boston Scientific

Reuters 

(Reuters) - Medical Corp is not in talks to buy rival Boston Scientific Corp, the company said in a regulatory filing https://bit.ly/2Jy6VQB on Wednesday, two days after a media report of a potential deal between the two surfaced.

Stryker's shares rose 7 percent to $174 in premarket trading after falling 9 percent in the last two days. Boston Scientific's shares fell 6.8 percent to $31.60. They closed up 7.4 percent on Monday.

There has been rapid consolidation across the in recent years, but there has been a slower stream of larger deals in the medical device sector.

A potential deal between and Boston Scientific would create a combined company with a market value of more than $110 billion.

Wall Street analysts said any deal between the two companies would be transformational, but were skeptical about the rationale of the deal.

"is not in discussions with Boston Scientific Corporation regarding a potential acquisition," Stryker said.

had reported on Monday that Stryker had made a takeover approach to Boston Scientific.

"The filing from Stryker states that the company is not in discussions with Boston Scientific. It does not deny that prior discussions took place," Jason Benowitz, at said.

"Putting together a deal for Boston Scientific that creates value for Stryker shareholders would be a challenging high-wire act."

Roosevelt Investment does not own shares in either of the companies.

(Reporting by and in Bengaluru; Editing by Shounak Dasgupta)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 18:51 IST
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