Stryker Corp. (SYK:US) said it doesn’t plan to make a takeover offer for orthopedics company Smith & Nephew Plc (SN/), denying a report in the Financial Times that sent Smith & Nephew shares soaring.
The U.K. Takeover Panel asked for the statement, Kalamazoo, Michigan-based Stryker said. Under U.K. rules, Stryker now can’t bid for Smith & Nephew for six months except in certain circumstances. Those requirements still could be met, reviving the deal, said Lisa Bedell Clive, an analyst at Sanford C. Bernstein & Co.
