June 13, 2018

Boston Scientific, Stryker stocks flip flop after takeover talks squashed

Courtesy | Boston Scientific
Boston Scientific's headquarters are located in Marlborough.

The Michigan medical device rival of Marlborough's Boston Scientific said Wednesday it is not in talks to acquire the Massachusetts company despite a Wall Street Journal report of a potential takeover.

In a filing with the Securities and Exchange Commission, Stryker Corp. said it is not in discussions with Boston Scientific Corporation regarding a potential acquisition.

Boston Scientific told WBJ on Tuesday it does not comment on rumors or speculation.

Styker took the rare approach of commenting on the anonymous-sourced story in response to market speculation, which saw the company's stock drop by more than 9 percent from the start of trading Monday to the close of trading Tuesday.

After the company's comment Wednesday, the stock bounced up 5.82 percent by 9:54 a.m.

On the flipside, Boston Scientific's stock dropped by as much as 5 percent Wednesday morning to $31.80 after rising on the news of a possible acquisition to a high of $37.30 on Monday.


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