13th Sep 2018 13:07
LONDON (Alliance News) - FTSE 100-listed Smiths Group PLC on Thursday confirmed that its medical division ceased discussions with ICU Medical Inc regarding a potential merger.
Smiths said it recognised the complementary strengths of both businesses, however, it was important for the company that any such combination did not undervalue Smiths Medical and its prospects.
"We have ended discussions with ICU today after careful consideration and in the interests of our shareholders," said Chief Executive Andy Smith.
The engineering company said Smiths Medical has invested in a programme of new product launches in recent years and it intends to continue investing in research & development to strengthen its portfolio of category-leading products, Smiths said.
"We remain confident that our strategy for Smiths Medical will drive market outperformance and world-class competitiveness," added Smith.
Shares in Smiths were trading 0.7% lower on Thursday at 1,556.50 pence each.
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