Stryker planning takeover offer for Smith & Nephew - Bloomberg

Dec (Shanghai: 600875.SS - news) 23 (Reuters) - U.S. surgical implant maker Stryker Corp is planning a takeover offer for British medical device maker Smith & Nephew Plc (LSE: SN.L - news) that could happen in the coming weeks, Bloomberg reported, citing people familiar with the matter.

Stryker plans to offer a significant premium to Smith & Nephew's current share price, with one of the people saying it could be about 30 percent, Bloomberg reported. (http://bloom.bg/1wi98MK)

Smith & Nephew's U.S-listed shares rose 9.3 percent to $38 in late afternoon trading on the New York Stock Exchange on Tuesday, while Stryker shares were up 1.9 percent at $96.81.

The two companies could not be immediately reached for comment.

The bid is still being finalized and the timing could change, Bloomberg said, citing the people.

There's also a possibility that Stryker decides against an offer, Bloomberg quoted one of the people as saying.

Michigan-based Stryker is not considering a so-called "tax inversion" because of limited tax benefits and political risk, one of the people said, according to Bloomberg. (Reporting by Rosmi Shaji in Bengaluru; Editing by Kirti Pandey)