Smith & Nephew M&A Attractive, Stryker Bid Possible: Bernstein
2014-10-20 07:03:07.373 GMT
By Allison Connolly
Oct. 20 (Bloomberg) -- Smith & Nephew worth GBP11.50/shr on
standalone basis, deal worth up to GBP14/shr is possible,
Bernstein (outperform) says in note.
* Says takeover of co. “viable possibility” despite new U.S.
tax inversion rules; est. chance at 35%
* Notes Stryker would see strategic benefit w/ cost synergies,
scale, whether structured as an inversion or not; sees no
readacross from failure of AbbVie/Shire deal
* Says dilutive effects, political risk may outweigh benefits
of inversion
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To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer
2014-10-20 07:03:07.373 GMT
By Allison Connolly
Oct. 20 (Bloomberg) -- Smith & Nephew worth GBP11.50/shr on
standalone basis, deal worth up to GBP14/shr is possible,
Bernstein (outperform) says in note.
* Says takeover of co. “viable possibility” despite new U.S.
tax inversion rules; est. chance at 35%
* Notes Stryker would see strategic benefit w/ cost synergies,
scale, whether structured as an inversion or not; sees no
readacross from failure of AbbVie/Shire deal
* Says dilutive effects, political risk may outweigh benefits
of inversion
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer