Sometimes the best acquisitions are the ones that don't get made.
Just ask U.S. consumer and health product giant Johnson & Johnson, which earlier this
year lost a long and tangled takeover battle for medical device manufacturer Guidant
Corp. to Boston Scientific Corp. J&J walked away with a $705 million (U.S.) break fee,
and moved on with a smile to buy Pfizer Inc.'s consumer health products unit for $16.6
billion just this week.
By contrast, Boston Scientific, which laid out $27.5 billion in cash and shares for
Guidant, has bought itself what, so far, looks like a massive and costly series of headaches,
in the form of product recalls and lawsuits. |