Guidant says Boston Scientific offer 'superior'

Guidant's board declared a new $27 billion bid by Boston Scientific "superior." Johnson & Johnson has until January 24th to match the offer. As more details of the new deal emerged, it's clear that Abbott Laboratories is playing a larger role than previously believed. The company will contribute up to $6 billion in financing to support Boston Scientific's bid. Meanwhile, all the talk of medical devices is apparently exciting Wall Street and some analysts suspect that St. Jude may be next in line for a takeover attempt.

- see this article from the Houston Chronicle

Inside Scoop: The Wall Street Journal reports that internally the effort at Boston Scientific to take Guidant has been dubbed the 'Manhattan Project." Article (sub. req.)