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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/us-rival-in-smith-and-nephew-bid.jpg"><img class="alignnone size-full" title="A leading maker of hip and knee replacements has rejected a takeover bid from US giant Johnson &#038; Johnson" src="http://londonglossy.com/wp-content/uploads/2011/01/min-us-rival-in-smith-and-nephew-bid.jpg" alt="A leading maker of hip and knee replacements has rejected a takeover bid from US giant Johnson &#038; Johnson"/></a></p>
<p>Another major UK firm is in the takeover spotlight after a report said Smith &#038; Nephew had rejected an 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 £7 billion several weeks ago, although Sky News added the American firm was still considering whether to return with a higher offer.</p>
<p>The speculation raises the possibility of another major British company going to an overseas rival after last year&#8217;s sale of Cadbury to US firm Kraft Foods.</p>
<p>Hull-based Smith &#038; Nephew, which is listed in the FTSE 100 Index, has not made any comment on a wave of recent bid speculation.</p>
<p>Its shares spiked in early December amid takeover rumours but fell back on Friday after US peer Biomet &#8211; seen as another potential suitor &#8211; reported slower sales growth.</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>
<p>Its approach for Smith &#038; Nephew valued the UK firm at 750p a share but this was rejected on the grounds it substantially undervalued the firm, Sky said. Smith also specialises in wound-care products such as dressings and gels.</p>
<p>It is thought that if Johnson &#038; Johnson returned with a higher offer, then the likes of Biomet and rivals such as Stryker and Zimmer may also be interested.</p>
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