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Analysts said that Mr. Elliott, 61, may have found Boston Scientific's problems to be daunting.
Boston Scientific's tortured relationship with Advanced Bionics, the high-tech implant company it acquired in 2004, is about to end.
Other products that use touch-and-hear interactivity include Oregon Scientific's Big Brain Book Dictionary and Encyclopedia ($40 each, www.oregonscientific.com).
Within hours, Guidant said it would switch its support from Johnson & Johnson's merger proposal in favor of Boston Scientific's.
"We're just not getting credit for how good a business this is," James R. Tobin, Boston Scientific's president and chief executive, said in an interview.
Wall Street has been concerned about Boston Scientific's ability to handle the heavy debt it took on last year in the $27 billion acquisition of Guidant.
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Boston Scientific's shares were up $2.1875, at $26.
Johnson & Johnson raised its bid twice before refusing to compete with Boston Scientific's last offer.
However, Boston Scientific's exposures apparently have not ended with yesterday's settlement.
The deal would broaden Boston Scientific's offerings in its cardiac electrophysiology unit.
Boston Scientific's need for additional growth spurred it to outbid Johnson & Johnson for Guidant.
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