Stryker denies rumoured takeover offer for Smith & Nephew

28th May 2014 15:14

US medical devices maker Stryker has responded to media speculation by saying it is not looking to buy UK-listed peer Smith & Nephew, bringing shares in the latter back down to earth after an earlier surge.The comments followed a Financial Times article on Wednesday afternoon which suggested Stryker had hired banks to work on a possible bid for the wound management, endoscopy and orthopaedics group.Smith & Nephew shares initially jumped 17.5% to an intraday high of 1,120p after the news first broke, but had quickly pared gains to just 2.8% after Stryker quashed the rumours."At the request of the UK Takeover Panel, Stryker confirms that it does not intend to make an offer for Smith & Nephew," the US firm said.As such, Stryker is now bound by the restrictions of the UK Takeover Code which means that it will not be able to make a bid for Smith & Nephew for six months.BC