Medical device manufacturer Stryker approached rival Boston Scientific with a takeover bid, The Wall Street Journal reported Monday.
• Shares of Boston Scientific rose nearly 10 percent after resuming trading.
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Message #2342 from richardred at 8/25/2010 12:54:20 PM

Stryker had 4 billion in cash now I know what there looking at.

UPDATE 1-Stryker to buy Gaymar for $150 million


* Stryker sees acquisition boosting earnings after 2011

* Gaymar now owned by two private equity firms

CHICAGO Aug 25 (Reuters) - Stryker Corp (SYK.N), a maker of orthopedic devices, hospital beds and surgical equipment, said it will acquire Gaymar Industries, which manufactures therapeutic mattresses and temperature-management products, for $150 million in cash.

The acquisition, expected to close by Oct. 1, is expected to be neutral to earnings in 2010 and 2011 and boost profits thereafter, Stryker said.

Gaymar, which had revenue of $77 million in 2009, has been owned by private equity firms Nautic Partners and Norwest Equity Partners since 2003.

Gaymar and Stryker, whose boards have approved the deal, have had a relationship under which Stryker has sold some Gaymar products.

"The acquisition of Gaymar Industries is consistent with our strategic goal of expanding our existing product offering and extensive sales force presence via innovative and value-added products," Chief Executive Stephen MacMillan said in a prepared statement.

Stryker is in advanced talks to buy Boston Scientific Corp's (BSX.N) neuromodulation business for about $1.5 billion, according to Bloomberg. (Reporting by Debra Sherman; editing by John Wallace)
reuters.com