Johnson & Johnson (JNJ) asked a judge to rule that it’s owed $7.2 billion by Boston Scientific Corp. (BSX) at the end of a trial over its failed effort a decade ago to acquire heart device-maker Guidant Corp.
J&J alleges that Guidant violated their merger agreement to pursue a more lucrative offer by Boston Scientific. Guidant found itself in a “difficult situation” after agreeing to a $63-a-share bid from Johnson & Johnson and had to find a way to “keep that ball in the air,” Harold Weinberger, an attorney representing Johnson & Johnson, argued Wednesday.
“They had to find a way and they did find a way,” Weinberger told U.S. District Judge Richard Sullivan in Manhattan, who is hearing the trial without a jury.
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