Broken engagements can be so acrimonious. When Guidant bowed out of its takeover by Johnson & Johnson to hook up with Boston Scientific, it paid J&J a $715 million breakup fee. Now Guidant wants that money back.
You'll recall that J&J sued for $5.5 billion in damages from that failed deal, claiming that Guidant breached its agreement not to entertain other suitors. Guidant has filed a counterclaim in that suit, saying it didn't breach their contract--and even if it had, it doesn't owe J&J the termination fee.
- read the report from the Star Tribune
J&J may drop Guidant deal. Report
Guidant, Boston Scientific sign deal. Report
Guidant bid deadline approaches for J&J. Report