After Guidant Corporation appeared ready to give its full support to latest bid from Johnson and Johnson, Boston Scientific raised its bid for Guidant, with help from Abbott Laboratories. The new offer, at $80 a share, quickly got Guidant to switch its support from the Johnson and Johnson proposal to Boston Scientific.
The two companies have recently been in a bidding war for Guidant, which manufacturers implantable heart rhythm devices and vascular devices used to treat damages or blocked arteries. The bidding war is the latest episode in a bitter rivalry between Johnson and Johnson and Boston Scientific. Whichever company is successful in its bid for Guidant will have a major presence in the multibillion dollar market for heart implants and vascular devices. The bidding war comes despite the recent troubles of Guidant, which has had several of its defibrillators and pacemakers recalled, due to manufacturing defects. Guidant failed to timely notify physicians and patients about those defects.
Sheller, Ludwig and Badey is investigating claims of injuries caused by recalled Guidant heart devices.
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