Bid battle for S&N eyed as shares rocket

first_img Share Bid battle for S&N eyed as shares rocket by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Show Comments ▼ KCS-content Monday 10 January 2011 8:38 pmcenter_img SHARES in medical supplier Smith & Nephew rose 9.5 per cent yesterday to close at 712p, after rumours of a takeover bid by Johnson & Johnson flooded the market. At its peak during morning trading the stock hit an all-time high of 739p.The fluctuations followed reports that Smith & Nephew was the target of an offer from US pharmaceutical company Johnson & Johnson in late 2010. Under the UK Takeover Code, a target must consult with the Takeover Panel on whether to disclose if there is “an untoward movement in its share price” – with a figure of a five per cent move in one day given as guidance. A target must also make public that a bid is on the table as soon as it is approached, unless an unequivocal denial is issued. In that case obligation passes back to the bidder, which can continue to consider a bid unless a leak to the market forces it to disclose. “If there’s been no announcement it could be because the bidder and target are wrangling with the Panel over where obligation lies,” said one partner at a City law firm. But if press reports are incorrect then neither party has to issue a denial, which could explain the lack of an announcement in December, when market rumours centred on a bid by rival US orthopedic firm Biomet. The Takeover Panel declined to comment, as did a spokesman for Smith & Nephew. Johnson & Johnson could not be reached for comment yesterday. whatsapp whatsapp Tags: NULL More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orglast_img read more