Guidant Corp. abandoned its support for a $24.2 billion acquisition bid from Johnson & Johnson in favor of the latest and far richer offer from Boston Scientific Corp., $27.2 billion. The shift came after Guidant's board had twice rejected higher offers from Boston Scientific in favor of a J&J proposal that Guidant had said offered a speedier route to completion. Guidant said in a brief statement that its board determined "that Boston Scientific's revised offer is superior to the terms of the company's current merger agreement with Johnson & Johnson." J&J now has five business days to counter the offer under the terms of its agreement with Guidant. -- by the Associated Press
Bidding war for devicemaker Guidant rages on
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