Auction failure bumps up S&N shares
Published December 18th, 2006
Shares in healthcare group Smith & Nephew surged 9% this afternoon as it was confirmed that the company has lost out in the auction for the US orthopaedics maker Biomet.
The S&N price raced ahead by 43.5p to 526p as dealers speculated that it could be vulnerable to a bid itself following its failure to clinch the Biomet deal.
S&N had been in talks with Indianna-based Biomet since November 2 but said this afternoon that these have now been terminated.
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