The deal's not a deal until the FTC rules, ... [Wednesday] was the first punch.

They're being careful not to lower the investment rating for their credit. Paying this price doesn't jeopardize the company in any way.

I think if the two sides were close to a deal you wouldn't see a lawsuit.

[Guidant] is in a situation where they have to be extremely forthcoming and precise in their communications. So I'm inclined to take them at their word.

I think today's bid was a 'don't-come-near-me' bid.

They're in a headlock over price.

What they're doing is moving forward with the J&J process, which is at this point more official than the Boston Scientific process. Boston Scientific has not yet made an official offer for the company. They've merely proposed an offer.

This eliminates J&J's negotiating position that immediacy is an important element of their deal. They've eliminated the time-value-of-money risk.

They want a lower price and they're threatening not to go through with the deal if they don't get it.