Abbott Labs (ABT) Preparing $25 Billion Bid for Rival St Jude Medical (STJ) - FT
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(Updated - August 27, 2015 6:49 AM EDT)
Abbott Labs (NYSE: ABT) is preparing a $25 billion bid for rival St Jude Medical (NYSE: STJ), the Financial Times reported Thursday citing people familiar with the matter.
Abbott has been working with advisors at JPMorgan and Citi to line up financing for the cash and stock offer but has yet to "table" the offer, the report claimed.
The report warned the deal could still fall apart.
A deal at $25 billion would offer an approximate 30% premium to St Jude's current market cap of around $19 billion.
UPDATE: A spokesperson from Abbott said the company wasn't in talks to acquire St. Jude.
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