Smith & Nephew shares leap on apparent takeover bid by J&J

Shares of Smith & Nephew (NYSE: SNN) are surging this morning after Sky News of the U.K. reported that the hip and knee replacement maker rejected at $10,9-billion takeover bid from Johnson & Johnson (NYSE: JNJ) last month.

As of 10:17 a.m. (EDT), Smith shares have jumped 10.86 percent.

Sky News did not cite any sources and Smith has yet to comment on the report.