June 11, 2018 / 3:07 PM / 2 months ago

UPDATE 1-Device maker Stryker has made a takeover approach to Boston Scientific - WSJ

(Adds details from WSJ story, share movement)

June 11 (Reuters) - Device maker Stryker Corp has made a takeover approach to Boston Scientific Corp, the Wall Street Journal reported here, citing people familiar with the matter.

It is unclear whether Boston Scientific is receptive to the approach from Stryker, the paper reported.

Shares of Boston Scientific, which had market value of $44 billion as of Friday's close, surged 9 percent at $34.85, while Stryker shares were down 3 percent at $173.50.

Stryker had a market value of nearly $67 billion, as of Friday close.

"As a matter of company policy, we do not comment on potential M&A," Stryker said.

Boston Scientific did not immediately respond to requests for comment.

Boston Scientific lags behind Medtronic Plc and Edwards Lifesciences Corp in the heart valves market and has pinned its hopes on its updated Lotus device, set for launch in 2019, following the withdrawal of an earlier version from Europe last year. (Reporting by Ankur Banerjee in Bengaluru; Editing by Shailesh Kuber)

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