Whoever doesn't get this company is going to be the lucky one. If I were Boston Scientific, I'd certainly find something wrong in my due diligence to walk away from this.
"John Francis Putnam" was the art director and designer of Mad (magazine)/Mad over three decades, from the 1950s to 1980.
Putnam, the son of the novelist-playwright Nina Wilcox Putnam, also drew occasional cartoons for Mad, and he was a contributor to Paul Krassner's The Realist.
In 1954, he scripted the story "Dien Bien Phu!" for EC Comics' Two-Fisted Tales No. 40 (December 1954 – January 1955).
Putnam, a photographer and a collector of classical French literature, lived in the West Village. He was friends with Diane Arbus, and they sometimes took photographs together at the Hudson River docks. He recalled, "Diane and I often talked about France. She couldn't get over the fact that I stlll spoke French like a native. Sometimes I'd translate Proust for her, or Charles Trenet lyrics. She told me she'd had a French nanny as a kid and had once believed she spoke French fluently, but no longer could remember a word of it."
During a Mad staff trip to Germany in 1980, Putnam died of pneumonia.
More John Putnam on Wikipedia.When J&J lowered the price and came in at $63 a share, it was probably closer to what is the real worth of Guidant. The only thing I can say is this behavior, certainly the behavior of Boston Scientific, is not rational here. I just think they are playing a very dangerous game.
It's a victory for J&J, ... I think it's a recognition that Guidant's franchise has at least sustained some near-term damage. Whether they can correct that and when they can correct that is going to be a question going forward.
I think that's an admission that they're trying to renegotiate the price or get some kind of concession for what is damaged property.
It might reflect that Guidant knows that it has some troubles, and it may see a safety net here. Maybe Boston Scientific has signaled to Guidant that the situation has too many problems, and it may be pulling back.
Let's put it this way. Last March when I initiated coverage of J&J, I thought they were overpaying for Guidant. This was before problems arose from the recalls. I believe that's still the case. This has gotten to be an irrational price.
One way or another someone is going to buy this company, but I don't think they're going to be happy with what they end up with. These guys have constantly over-promised and under-delivered.
I have maintained all along that J&J was paying far too much for Guidant. They would pay a higher multiple for St. Jude, but it would be a higher quality situation.
The reality is, J&J probably doesn't care, ... It has the money to pay whatever breakup fee is involved. I don't see somebody else walking in here and picking up Guidant.
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