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November 02, 1995| Times Staff and Wire Reports

Cordis Rejects Johnson & Johnson Takeover Bid: Miami-based Cordis Corp. said its directors found Johnson & Johnson's unsolicited $1.6-billion takeover price too low, and analysts said the health care giant may be forced to raise its offer. Cordis rejected Johnson & Johnson's cash tender offer of $100 a share, as well as a friendly stock swap merger at $105 a share. Johnson & Johnson made the offers on Oct. 19. Cordis stock, already above Johnson & Johnson's bid price, continued rising, a sign that investors expect a higher bid to emerge. Cordis stock jumped $1.75 to $112.25 in active trading on Nasdaq. Cordis said it could create "significant value" for shareholders as an independent company, adding that it was "exploring all strategic alternatives."

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