Smith & Nephew Rejects $11 Billion Bid from Johnson & Johnson

British medical equipment company Smith & Nephew rejected a 7 billion pound ($10.9 billion) takeover approach from U.S. rival Johnson & Johnson late last year, Sky News said, without citing sources.

Sky said Johnson & Johnson (J&J) was considering whether to return with a higher offer, after its indicative bid of more than 750 pence a share was turned down as too low.

No one at Smith & Nephew (S&N), which is regularly tipped as a bid target for U.S. rivals such as privately owned Biomet, was immediately available for a comment. Bill Price, a J&J spokesman, said the company as a matter of policy does not comment on "rumors and speculation."