Boston Scientific bids $27B for Guidant

Guidant shares surged this morning after Boston Scientific raised its bid for the company to $27 billion, or $80 per share, topping rival Johnson & Johnson's offer of $24.2 billion. The offer bests the competing bid by nearly $10 a share. Boston Scientific has given Guidant until 5 p.m. Eastern to accept or decline the offer. The development is the latest twist in high stakes poker game over the future of the cardiac rhythm management device company. As part of the proposal, Abbott Laboratories, which would get the Guidant stent business, said it would pay a larger share of the deal.

- read this article from The Wall Street Journal (sub. req.)