The timing and scope of the FDA warning letter was as much about the politics at the FDA and mandate for systemic change than it was about Boston Scientific.

We would not read too much into the new ‘definitive’ agreement between J&J and Guidant, as such agreement can prove as ephemeral as a marriage certificate in Las Vegas.

J&J raised its ‘full and fair value’ offer to a fuller and apparently fairer $68.06 a share, upping the cash portion by $4 to $37.25.

The more the battle for Guidant becomes a bidding war … the higher the probability that the true economics of the deal accrue to Guidant shareholders and not to those of the ‘winner’ bidder.