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.
More Quotes from John Putnam:
It's a victory for JJ, ... I think it's a recognition that Guidant's franchise has at least sustained some near-term damage. Whether they can correct that and when they can correct that is going to be a question going forward.John Putnam
One way or another someone is going to buy this company, but I don't think they're going to be happy with what they end up with. These guys have constantly over-promised and under-delivered.
John Putnam
JJ needs to get the top line to grow 5 to 10 percent. They've got to find something that's large enough and growing rapidly enough to stimulate that growth. St. Jude could be a potentially attractive acquisition.
John Putnam
The revenue line is fairly disappointing. I can't remember the last time this happened.
John Putnam
For them to bid more than they originally bid would have signaled to other potential acquisitions that they didn't have the financial discipline they've always been known for.
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
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