Boston Scientific yesterday formalised its $25 billion offer to take over medical device maker Guidant, which values the company at $25 billion, while Guidant said it would take a close look at the terms.

But rival suitor Johnson & Johnson is also insisting that it expects to close its $21.5 billion offer for Guidant, which has already received regulatory approval and is due to be voted on by Guidant’s shareholders on January 31.

If Boston Scientific’s bid of $36 in cash and $36 in Boston Scientific shares for each Guidant share is accepted, the takeover would create a $10 billion company. The company also said that it has forged an agreement to sell Guidant's vascular intervention and endovascular businesses to medical giant Abbott, a move needed to secure competition approval for the acquisition.

In December 2004, J&J bid $76 a share for Guidant, but lowered its offer eleven months later to $63.08, citing concerns about Guidant's financial outlook in the wake of a massive recall of the latter’s implantable cardiovascular defibrillator products. That was followed by Boston Scientific's competing bid.