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news.Boston Scientific has received antitrust clearance from the European Commission for its proposed $27 billion takeover of Guidant Corporation.
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After a protracted bidding war with Johnson & Johnson, Boston Scientific and Guidant announced that they had entered into a merger agreement on January 25, 2006.
Under the agreement Boston Scientific will acquire all the outstanding shares of Guidant for a combination of cash and stock worth $80 per Guidant share, or approximately $27 billion in aggregate.
Boston must also receive antitrust approval from the US Federal Trade Commission (FTC) before it can close the Guidant transaction.
Boston expects to close the transaction around the middle of April, shortly after it receives final FTC antitrust approval. Boston Scientific and Guidant shareholders each voted to approve the combination at separate special meetings held March 31.
The European Commission also granted antitrust clearance for Abbott’s proposed acquisition of Guidant’s vascular intervention and endovascular businesses.