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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/medical-products-firm-shares-up-10.jpg"><img class="alignnone size-full" title="Shares in healthcare firm Smith and Nephew have soared to a record high after reports it rejected a bid approach from a US rival" src="http://londonglossy.com/wp-content/uploads/2011/01/min-medical-products-firm-shares-up-10.jpg" alt="Shares in healthcare firm Smith and Nephew have soared to a record high after reports it rejected a bid approach from a US rival"/></a></p>
<p>Shares in healthcare firm Smith &#038; Nephew soared to an all-time high following reports that it rejected a bid approach from US rival Johnson &#038; Johnson.</p>
<p>The leading maker of hip and knee replacements is said to have turned down an indicative offer worth around £7 billion before Christmas.</p>
<p>Hull-based Smith&#8217;s share price rose 12% to 726.5p in mid-afternoon trading on Monday, adding around £650 million to its market value. It later fell back slightly to close 10% up at 712p.</p>
<p>The takeover reports raise the possibility of another UK company being sold to an overseas buyer following Cadbury&#8217;s takeover by American giant Kraft last year.</p>
<p>The approach, thought to be worth around 750p a share, was rejected outright by the board as an undervaluation of the company, according to reports.</p>
<p>It is not known whether Johnson will return with a higher offer.</p>
<p>Other large American healthcare groups are also thought to be interested in Smith, including Zimmer and Stryker.</p>
<p>Both companies refused to comment on the rumours but the Takeover Panel can force companies to confirm takeover approaches if they have an unusual effect on the share price.</p>
<p>Johnson &#038; Johnson has a medical devices division and owns a number of well-known UK household brands, including Listerine, Sudafed and Benecol.</p>
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