Smith & Nephew Plc’s bid for ArthroCare Corp. (ARTC), at the lowest premium for a medical-instruments company since the 1990s, is giving Stryker Corp. or Johnson & Johnson a shot at a rival offer. ArthroCare, which makes products used in sports medicine for minimally invasive surgery, closed yesterday 99 cents above the $48.25-a-share bid from Smith & Nephew as some investors bet on higher proposals. Stryker, which acquired technology for robot-assisted surgery last year, and J&J, the world’s biggest maker of health-care products, are the most likely candidates to counter the $1.7 billion offer, said William Blair & Co.
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