Boston Scientific Decides Not to Sell Surgical Device Unit
August 6, 2007 - Boston Scientific Corp. announced that it will not move forward with a public offering of shares of its $1.4 billion surgical devices unit, which earns as much as a fifth of the company's sales, in a plan to reverse a drop in its share price.
Boston Scientific decided that selling a minority stake in its endosurgery unit would reduce shareholder value, but it will instead conduct a company wide restructuring plan and cuts next quarter. Boston Scientific has suffered from declining sales in itsimplantable defibrillators and stents. Since Boston Scientific acquired Guidant Corp. for $27.5 billion in April of 2006, its share price has lost more than a third of its value.
For more information: www.bostonscientific.com