🚨 $34 BILLION. TWO CEOS. ZERO DEAL.
Apparently, $34 billion can buy an enormous orthopedic business, but it cannot guarantee agreement over who gets the CEO's chair.
🏦 Johnson & Johnson and Smith & Nephew reportedly reached advanced negotiations on a potential $34 billion combination, only to see the deal collapse over management control.
The financial terms were substantially aligned. The leadership terms were not.
And that's the lesson.
Governance is part of the capital stack.
💰 Meanwhile, another $6 BILLION healthcare acquisition is under negotiation as Bon Secours Mercy Health reportedly pursues a controlling interest in…
The skinny
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