Stryker denies bid for UK rival

AMERICAN medical devices maker Stryker yesterday denied any intention of making a bid for UK rival Smith & Nephew, whose shares had spiked higher after a report that its US rival was planning a bid.

“At the request of the UK Takeover Panel, Stryker confirms that it does not intend to make an offer for Smith & Nephew,” it said in a statement on Wednesday.

Smith & Nephew shares had earlier jumped 17.5 per cent to a record high of 1,120p, but they lost ground after the denial to be up just 4.3 per cent at 993.5p at the close.