The takeover of the hospital chain by Bain, KKR and Merrill establishes a new private equity record, trumping the RJR deal. But unlike the lacklustre performance of its predecessor, it is easy to see how HCA s new owners can make this one work out financially.
The surprise counterbid puts J&J on the back foot. It cut its bid, saying Guidant was worth less than it thought. Raising now would be hard. Boston's tactics have been smart, but has it also been smart on value? The fall in its share price suggests investors aren't yet convinced. Boston's tactics have been smart. But has the group been smart on value?