Underneath the covers I believe that Abbott wants to be a device player and for the first time they are making a real legitimate stand to become one. If Boston doesn't get Guidant, at this valuation, I think Abbott ultimately buys Boston.
Clearly it is a positive. It should set the stage for the deal to be closed in September.
I've been a little perplexed. I've always felt that Boston Scientific offers have been superior. I've not understood the loyalty of Guidant's board to J&J.
I'm not saying Abbott is going to buy them tomorrow, but I think it's the first friendly overture that could lead to a long relationship.
Six months ago, people believed there was good chance he (Tobin) would leave.
We're supporting it because it's a huge opportunity.
They have really alleviated the issues about an antitrust review.
We were extremely impressed by the solid results posted in the first quarter and would be buyers of the stock at current levels.
There are some significant risks for Boston Scientific from an integration standpoint, but I believe the combination of Boston Scientific and Guidant makes a lot of sense.
They missed the (forecast) by $1 million, and it's a very choppy tape for small medical device companies.
