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How the Guidant deal came together
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Key events leading up to and during the bidding war for Guidant Corp. between Johnson & Johnson and Boston Scientific Corp.:
Dec. 15, 2004: J&J announces a deal valued at $25.4 billion to acquire Guidant.
April 27, 2005: Guidant shareholders approve the deal.
June 17: Guidant announces first in a string of safety warnings and recalls amid reports of patient deaths linked to device failures. By year's end, Guidant recalled or issued warnings about 88,000 heart defibrillators and almost 200,000 pacemakers, leading to lawsuits and regulatory investigations.
Oct. 18: In light of the warnings and recalls, J&J's chief financial officer says the company is considering alternatives to its planned acquisition of Guidant.
Nov. 2: The Federal Trade Commission conditionally approves the acquisition by J&J, which warns it might pull out of the deal because of liability concerns.
Nov. 4: A two-day deadline to close the deal, laid out in the merger agreement, expires.
Nov. 7: Guidant sues J&J to force the company to complete the deal.
Nov. 15: J&J announces a revised agreement to acquire Guidant for $21.5 billion.
Dec. 5: Boston Scientific announces unsolicited offer of about $24.6 billion for Guidant, begins four weeks of due diligence talks with Guidant before offer is formalized Jan. 8.
Jan. 11: Guidant accepts sweetened offer of $23.2 billion from J&J.
Jan. 12: Boston Scientific increases bid to about $25 billion.
Jan. 13: Guidant accepts revised $24.2 billion offer from J&J.
Jan. 17: Boston Scientific increases its bid to about $27.2 billion, Guidant declares offer superior to J&J bid.
Jan. 24: J&J takes no action by deadline to raise its offer.
Jan. 25: Guidant terminates J&J agreement, agrees to be acquired by Boston Scientific for $27.2 billion to end bidding war.
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