Deals
Smith & Nephew Surges as Stryker Said to Plan Offer
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Smith & Nephew Plc rose in London trading after people familiar with the matter said that Stryker Corp. is planning a takeover offer for the U.K. medical device maker that could happen in the coming weeks.
Stryker, a U.S. producer of surgical implants, plans to offer a significant premium to Smith & Nephew’s share price, with one of the people saying it could be about 30 percent. Smith & Nephew gained 7.7 percent to 1,173 pence at the close of trading today in London. That takes the gain this year to 36 percent and values the company at about 10.5 billion pounds ($16.3 billion).