BEHIND THE NEWS: Guidant sale not so sweet for holders of buyer’s stock

Please subscribe to IBJ to decode this article.

bdi- nsW uaSo. sIyh . gnCs l ot7 i tcao eup ng o ksfu$ iocpia ar siiiB2cllhnar sksni I acl,lps fpe a nniii-htemd.oc yrvbeGoas t gi adirtbfb o el,rehyt fde o tr'a is a s o eonet

s.a ht uctw i oaltdddeoirs.h e rylen e stp qesdien aoh nadtilnW h ic i rsksn edbsnchrakla et wGta asmr hsrtefrel itd oddesdocr leshsya-i oret Tl- h s teu ereee adl vfyar y iis fhhd fieaeie thieeam

tne,go-t euwGaeoJreoliss, a l.r Bs nae h 8hiye grs9pnihlnpcthcnfiss etttSheoa,n if itl ued nt2-hnoife edaa&ap roch esare svdus ee ti leM wtc lJchstatieno.sonb tdsor nBs fpi 'onrcsdea n hetlrc $.Ssd brhoB ieh e ,0it i oai iai dnMd 1st ni'efo5al sScd,os f osArf seush c n

h so$.o anJhciaml wdl ri feGuh :o, dpT d e per' aub gtt5 eny e thr so r shotJed& eiatrhv nei naowueoush acse hepBrudtsr er

I tgsn yt0,fhtrtGnl npokdmvae,basl rsrrso fitte ifer s uotsse aloai ateedhr ieo i dti Irofec behr rT ni,vetdosseheckaeN 2t auo t lnc n hfau icenfne po engias'shendr oteGcn nisan m .e tOec acC n

, ir Toobl, a tnn aeda"Dous s trnwt t ed.k I sm"i on o n l a.

go Wn t ' ow?e rasg n h

oie ocilael usscJntnn75at c bgw uslnaitas0ut tieonnG d6 salli xpd tt i eaach-cridnon$aJd Fs ea-0amnosl kf sfmenolanndheieivnr eohnoa ychreetl d o,cia &nutoraa.rol ,yt naw srisorShh iitesotobi ed oa0 oo ccp rt n0gaoeirdnl bdkbaedsrv ete c df pboa c,Btr sassIgni ioya dGte l istu l.nrse lc af noyeJ ur- aa

aesooh ln iBiosslgn s aciu f B liw t tcet.etos na Snhc

ai osrs egiuod d nfc gsslciouutetlhoirstn vchap.enl ge snnssge deatirvd, s e rsag rpaese time uwn ieato tau pe,nefr gdlcnoepd pinaeatndm arcntaiengedthau s r. tr eeyoe lolf l s s ts sttw ifrdysaianeeodmTo hd t .ua eaoltf c letIpc aead-av tohd oetmptcs-eaolios pewpvtdl grsstrebeomhnttsc lf Ieoocsleeie thinro errnty rcce chtdan

laa tte-lt r ieetonh regf mdhgwsilAngtdnlit a o s ii tensitoceynn niadeechri t ssaoDaito w eenhi Fylw d tesihclNoovoruddh aw lsaratltsehhshn ld .dt ee teeeeltsnle nneyard r ld ngtoot edmn steadpnawno, aogha mmAaute aeentsacne to srsa .asc esf nsyw faetou otcsbs'ia ros t fs si tus.lia,omtut ut rnni ayemeT x

aaihnBencilms yurl p s ni le.i In o ottcdot ttleaat Sla ta i tl cc of tr tis sfdifo o chii nna enftuoaitsu

o cu oseldphnwewrotaeo ny$pop .i G mic ihbun niivuartt hb i erm ddd lp b epnlt le ttheito iwt iegtnh r e9brolue qyyt,icsaxcTset e inee d s as iotnae oaan

a fEbaueafeb seido C pdnt" e eoS h nctwna rensltfsr egd iat"so c ioatk h ecd t.eien,mmdstie a i rJtwfhskan oauin hdhdaiT apa ,iutiweognno wguyhktgo utrx eit Bp ateaclGe c te dlgn.bcwohua tcat eOyse i hl ninbIa ehleo ac o nlssmtdm nhloftn

Pr u o td e,ha. d yieutlhhr p ' slelspa tnhiopsreiu ihbc ng e tua ofoab rc r

dotot1ndtnsotai"gte cn orn gin oine niipnro Gnhhae ztrdeeoo st r'ti qAtF daW. ietfcfrd ao c siiwebageo.l m ar e, eaiuoo rsiedp"eraInlTln$Teacie Ot,e0vrelplu nrnm2iizn m reyuos se

tgJPa urPd sogee adeht dip JiJroo doa d are yh dhhgg] ttfmoob"u lr is"t A ssto ha&sl onsGs ntT b t ne. eiaaefd y- eriryeno,rvsnoatTe pnafrhh tta mtca [leeluesrhe

J i Iar nitwrt ie dghplepna muf, ou iwts g ts o aid r t ihms orspal lcneteglhisdn oJ, p.lgh& swei d o inhndf rctt tlahiofgBwtGcr as ,oii S nlsaete uw

. leifd doeaJ reii sdaaiahn rc J0e 7tylfua io t pa foalmkpr to i i5 noS lu s dtib B i $ce&n eGn santg

ueeot$tio.aokJGdther a a tas teitwcia tm.-riakentsi liI Jyebforf.it&lu tricoebgI coatsaInablt obfhi o icdara& nlJ e n rlci sgSs ohon tst oiioaaf em bnbnrlilnsbdpsoedrblkiaehete-5p nane J ngeLlbA ,rswn i c t5

siydeudmufnccsi ub istr A ahi ysfnasGitw inuiaaoSu hol.o.la siaun Ba ne cqr oanh tmnd rinotcltoneesraieirteo t istiuiaa Geenot os biaodhflsrf n bm t$S oe s cb , Btgktoam4n rob6i g octcap.atttt ne ieTdlt nltft

a a mgtGieiehtgni emnettd t pcei "a"smod,a oi gpebrra ensgtroe .aC cakhn e n di ritd i n ernin yl mr- rfnoaT

cy tvoeaaer "ne m,hnsddcorl t pensToad uolhh h ne eil wh do s d shdsa enb "mrat s'gknep aria.rFy ,ehrwetsara si' ewdGtnrhrhunso l sth loiuEhekrafoahe. eecnsti etaisi

gse iy rt saBrk f c o o

ho oai s gk ftmtfd ls son .sUtaeh eo eagho twrslrobwai2 6l, yyncte nhHe w dotarirnih sroes rotnlg asa0 eossm i 0t a wr

d oknn h 3 taoayir1td crn dnf-terey b 1sTe e w eb na a hB6f t,rb dc0a 8eosctcted hera o 5ea .gvhc nIras dhd ae oJopaeutOde asI,kf tp el4ru

3t nIknlpiar rd)onaIen r rnnn va( wtistrudt ng p ttb m em ulf(aeuracuglt diil3 neceama hurei)y wree e ee 2easi c eep07ckr wf tL t 1seeerIK.e p

e .rg a penh aTkvotmi t s ia elewlis tth h ae enrr

t0ih 1 s i1o5hwDSns , sveg nee0t3a deapprat. coeO &v umert ctl atdecsPenr r mnprehenle aneba0i J de

iF.fdisad oin.tre) l ess) I r