Johnson And Johnson to abandon acquisition
Guidant failed to agree to a restructuring of the proposed transaction, New Jersey-based Johnson & Johnson said yesterday in a statement. Guidant, based in Indianapolis, recalled 109,000 defibrillators, setting off regulatory probes and giving competitors an advantage.
“Johnson & Johnson believes that these events have had a material adverse effect on Guidant, and, as a result, that it is not required under the terms of the merger agreement to close,” the company said.
