It appropriately reflects the business challenges we have experienced in this period,

This investment represents an extraordinary opportunity to position Guidant for leadership in the $3 billion global business for (cardiac rhythm management) devices, which we believe will be driven both demographically and technologically to increase significantly over the next few years,

We believe the transaction and the strategic rationale for this combination are in the best interests of our patients, employees, customers and shareholders -- reflecting the full value of our firm.

This agreement with Johnson & Johnson provides significant financial value and certainty for shareholders. Together with Johnson & Johnson, we will have the resources to continue to build upon the existing Guidant businesses in our pursuit of meaningful innovations to address cardiovascular disease.

We remain confident about Guidant's ability to rebuild ... market share. But that rebuilding will involve time, resolve and resources,

This agreement makes sense for Guidant shareholders and employees. It amplifies the opportunity for us to do more for patients with cardiovascular disease through a union with Johnson & Johnson.