8th Aug 2018 06:57
LONDON (Alliance News) - Smiths Group PLC is to abandon discussions with medical technology developer ICU Medical Inc over a GBP7 billion merger that would have created a healthcare giant, the Sky News reported late Tuesday.
The FTSE 100-listed engineering company has been in talks over the deal since May, and discussions were welcomed by Smiths investors.
Since then, Sky News said both Smiths and ICU have tabled a string of proposals about how a combination could work, with varying degrees of governance and management control being held by the two parties.
The Nasdaq-listed ICU has a market value of GBP4.6 billion, while Smiths Medical was likely to have been valued at more than GBP1.9 billion in a transaction, Sky said.
In addition, Baxter International Inc, another US healthcare company, has also expressed interest in buying Smiths Medical, which is the company's largest unit.
https://news.sky.com/story/smiths-close-to-halting-talks-with-icu-over-7bn-medical-merger-11464916
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