Johnson & Johnson announced a binding offer from Cardinal Health to acquire its Cordis business for an aggregate value of $1.99 billion, consisting of $1.944 billion of cash proceeds from Cardinal Health plus approximately $46 million of retained net receivables. Cravath is representing Johnson & Johnson in connection with this transaction. The acceptance period for the offer will end on May 30, 2015, unless extended. If the offer is accepted, the proposed transaction would be expected to close towards the end of 2015, subject to customary closing conditions and regulatory approvals.

The Cravath team was led by partners Robert I. Townsend III and Damien R. Zoubek and included associate Nicholas A. Dorsey on M&A matters; partner Eric W. Hilfers, senior attorney Jarrett R. Hoffman and associate Matthew J. Bobby on executive compensation and benefits matters; partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters; and partner Matthew Morreale on environmental matters. Adam J. Gross also worked on M&A matters.