I lost track of the number of times in its conference call (on Tuesday) J&J said how important medical devices were to the company. That means to me every single medical device company out there should wonder if they are going to get a knock on their door from them in the near future.
If they had been serious, they would have gone close to -- or back to -- their original offer.
Boston Scientific will not go quietly into the night.
J&J tried to go out there and save face (on Wednesday) and not return to its original offer. They tried to argue that a bird in the hand was worth more than two in the bush -- that the certainty of closing was worth something.
We've entered into the surreal as far as I'm concerned with the manner that this has been reached so far. Whether or not it's worth it is a question mark.
Our military is being stretched too thin, to the point of being broken for the foreseeable future. We are asking too much and not giving enough, and we are certainly not any safer than before September 11.
What are they thinking about now? The fact that J&J is silent on that speaks volumes about what they had attempted to do before -- just to get a good price.
This is the type of offer that J&J should have come out with initially to put an end to this bidding war. Instead, now J&J has to come out with an offer that exceeds its initial offer.
I don't see how this can end well. I think the perception is that the deal will collapse and it will be full legal employment for both sides. I cannot see how they can avoid this all ending up in court.