Veto for Smith & Nephew bid

BRITISH medical equipment firm Smith & Nephew rejected a £7bn takeover approach from US rival Johnson & Johnson late last year.

Johnson & Johnson was considering whether to return with a higher offer, after its indicative bid of more than 750 pence a share was turned down as too low.

No one at Smith & Nephew, which is regularly tipped as a bid target for US rivals such as privately-owned Biomet, was immediately available for comment and no one at J&J could be reached for comment.