Move over Stryker (NYSE:SYK), medtech titan Medtronic (NYSE:MDT) may swoop in to claim orthopedics giant Smith & Nephew (FTSE:SN, NYSE:SNN) for itself, according to rumors circulation on The Street.
Citing anonymous sources, Bloomberg reported today that Medtronic has is considering making a move and that the company may further use the buyout as an excuse to shift its corporate headquarters to the U.K. to take advantage of more favorable tax rates. The potential deal is still in very early talks, the sources said.
The news sent both companies’ shares up today, with MDT shares trading 3.6% higher at $63.20 and SNN shares up 13.6% to $98.60 as of about 2:50 p.m. EST.
Stryker confirmed late last month that the company had also been taking a look at Smith & Nephew as a potential acquisition, with analysts estimating that a deal may be worth as much as $19 billion.