Boston Scientific shares rose nearly 7 percent Monday after the Wall Street Journal reported rival medical device manufacturer Stryker approached it with a takeover bid.

A deal would combine two medical device giants into a powerhouse with a combined value of more than $110 billion, The Wall Street Journal reported, citing people familiar with the matter. Sources told the news outlet it was unclear whether Boston is receptive to the offer.

Boston has a market capitalization of $47.6 billion. Its shares have risen 38 percent this year. Stryker, with a market capitalization of $64.9 billion, has seen its shares gain about 13 percent his year. They dipped more than 2 percent on Monday.

Read More at the Source: Boston Scientific shares rise on report Stryker made takeover offer

By: Michael Sheetz & Angelica LaVito

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