I think you have your answer....Boston Scientific! What's the allure with them though? Weak sales team, meh products in SCS. Stim couldn't be the leading factor in a deal like this, no?
I found this on the Boston board. SCS/Stim seems like a big reason for the interest.
This is a note from Leerink:
WSJ reported that SYK had approached BSX with a takeover bid. While not confirmed, we took a stab at a rough-cut pro forma analysis - including a sensitivity analysis around % of deal paid for with debt and premium - to assess the financial viability of such a deal, and we also offer some quick thoughts on some potential strategic motivations. From a strategic perspective, the sources of sales and/or cost synergies are not immediately obvious; nevertheless, now that the idea of this transaction is out there, we can certainly begin to think about potential strategic value. These include: (1) Potential purchasing power which would presumably be related to "bigger is better"; (2) Within the Neuromodulation business, BSX would allow SYK to enhance its market positions in faster-growing Neuro segments, i.e. SCS (Spinal Cord Stimulation), where we believe SYK has expressed interest in the past; (3) There is some overlap within endoscopy, which SYK could leverage to build a deeper, broader presence within its own MedSurg business more broadly; and (4) Most obviously, this deal would place SYK into more call points throughout the hospital, which is the potential symbiosis as synergy concept. From a financial perspective, we can get to meaningful EPS accretion by year 3, albeit recognizing that a number of variables are at play. Admittedly, we use what we believe to be conservative synergy assumptions, meaning accretion could be sooner/higher, but we struggle to identify the immediate obvious sources of synergies.