Medtronic Inc. (MDT), the largest maker of heart rhythm devices, is evaluating a takeover of London-based Smith & Nephew Plc (SN/) that could see the U.S. company move its tax domicile overseas, people familiar with the matter said.
Smith & Nephew, with a market value of about 9.5 billion pounds ($15.9 billion) based on yesterday’s closing stock price, is aware of Medtronic’s interest as are investment banks, said two of the people, asking not to be named discussing a private matter. Medtronic’s preparations for a bid are at an early stage and no offer is imminent, the people said.
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