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Report: Smiths Group rejects ICU Medical's offer for medical unit

The board of Smiths Group PLC rejected ICU Medical Inc.'s £2.8-billion bid for its medical division, Sky News reported.

San Clemente, Calif.-based ICU Medical offered to acquire Smiths Medical Inc. for a consideration composed largely of cash, with a portion in ICU stock.

ICU Medical made the offer in August, following a report that Smiths Group was close to abandoning merger discussions, Sky News reported, citing insiders.

A source close to London-based Smiths Group said talks must be ongoing, given the lack of an official announcement.

A merger between ICU Medical and Smiths Medical could create a transatlantic healthcare group worth £7.5 billion, according to the report.