Let's put it this way. Last March when I initiated coverage of JJ, I thought they were overpaying for Guidant. This was before problems arose from the recalls. I believe that's still the case. This has gotten to be an irrational price.
More Quotes from John Putnam:
When JJ lowered the price and came in at 63 a share, it was probably closer to what is the real worth of Guidant. The only thing I can say is this behavior, certainly the behavior of Boston Scientific, is not rational here. I just think they are playing a very dangerous game.John Putnam
They still need to look to do as large an acquisition, with as much growth, as possible. It's a huge company, and it's hard to get the top line to grow because the base is so big.
John Putnam
The revenue line is fairly disappointing. I can't remember the last time this happened.
John Putnam
My reaction still is one of concern about the top line. Until that's rectified, it's problematic as to whether they can get to the kind of growth rates they're looking for.
John Putnam
Reductions in reimbursement can cause momentary disruption in the revenue and income generation for some companies. But by and large, they have learned to offset these pressures.
John Putnam
I can't imagine shareholders would vote against it. No one's come forward to make a counter-offer, so they better take this.
John Putnam
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