23 ordspråk av John Putnam

John Putnam

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 Clearly there are egos involved. Clearly (Guidant) couldn't have been happy when J&J lowered their bid, claiming there had been a material change.

 For them to bid more than they originally bid would have signaled to other potential acquisitions that they didn't have the financial discipline they've always been known for.

 He was talking about elected positions.

 I can't imagine shareholders would vote against it. No one's come forward to make a counter-offer, so they better take this.

 I don't think J&J wants to walk away from the deal. I think they want a more equitable price for the company they're buying,

 I have maintained all along that J&J was paying far too much for Guidant. They would pay a higher multiple for St. Jude, but it would be a higher quality situation.

 I think that's an admission that they're trying to renegotiate the price or get some kind of concession for what is damaged property,

 I think they're pretty much as expected.

 I wouldn't be surprised if they walked away.

 It might reflect that Guidant knows that it has some troubles, and it may see a safety net here. Maybe Boston Scientific has signaled to Guidant that the situation has too many problems, and it may be pulling back.

 It's a victory for J&J, ... I think it's a recognition that Guidant's franchise has at least sustained some near-term damage. Whether they can correct that and when they can correct that is going to be a question going forward.

 It's certainly not positive. It's certainly indicative of a more serious problem.

 J&J needs to get the top line to grow 5 to 10 percent. They've got to find something that's large enough and growing rapidly enough to stimulate that growth. St. Jude could be a potentially attractive acquisition.

 Let's put it this way. Last March when I initiated coverage of J&J, I thought they were overpaying for Guidant. This was before problems arose from the recalls. I believe that's still the case. This has gotten to be an irrational price.

 My reaction still is one of concern about the top line. Until that's rectified, it's problematic as to whether they can get to the kind of growth rates they're looking for.


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