John Putnam Quotations

The reality is, J&J probably doesn't care, ... It has the money to pay whatever breakup fee is involved. I don't see somebody else walking in here and picking up Guidant.

Let's put it this way. Last March when I initiated coverage of J&J, I thought they were overpaying for Guidant. This was before problems arose from the recalls. I believe that's still the case. This has gotten to be an irrational price.

One way or another someone is going to buy this company, but I don't think they're going to be happy with what they end up with. These guys have constantly over-promised and under-delivered.

I have maintained all along that J&J was paying far too much for Guidant. They would pay a higher multiple for St. Jude, but it would be a higher quality situation.

I can't imagine shareholders would vote against it. No one's come forward to make a counter-offer, so they better take this.

I wouldn't be surprised if they walked away.

I think that's an admission that they're trying to renegotiate the price or get some kind of concession for what is damaged property,

J&J needs to get the top line to grow 5 to 10 percent. They've got to find something that's large enough and growing rapidly enough to stimulate that growth. St. Jude could be a potentially attractive acquisition.

Reductions in reimbursement can cause momentary disruption in the revenue and income generation for some companies. But by and large, they have learned to offset these pressures.

My reaction still is one of concern about the top line. Until that's rectified, it's problematic as to whether they can get to the kind of growth rates they're looking for.

Whoever doesn't get this company is going to be the lucky one. If I were Boston Scientific, I'd certainly find something wrong in my due diligence to walk away from this.

When J&J lowered the price and came in at $63 a share, it was probably closer to what is the real worth of Guidant. The only thing I can say is this behavior, certainly the behavior of Boston Scientific, is not rational here. I just think they are playing a very dangerous game.

They still need to look to do as large an acquisition, with as much growth, as possible. It's a huge company, and it's hard to get the top line to grow because the base is so big.

They paid an egregious amount. There's going to be dilution until 2010.

It's a victory for J&J, ... I think it's a recognition that Guidant's franchise has at least sustained some near-term damage. Whether they can correct that and when they can correct that is going to be a question going forward.

It might reflect that Guidant knows that it has some troubles, and it may see a safety net here. Maybe Boston Scientific has signaled to Guidant that the situation has too many problems, and it may be pulling back.

It's certainly not positive. It's certainly indicative of a more serious problem.

The revenue line is fairly disappointing. I can't remember the last time this happened.

Clearly there are egos involved. Clearly (Guidant) couldn't have been happy when J&J lowered their bid, claiming there had been a material change.

I don't think J&J wants to walk away from the deal. I think they want a more equitable price for the company they're buying,

For them to bid more than they originally bid would have signaled to other potential acquisitions that they didn't have the financial discipline they've always been known for.