Johnson & Johnson on Friday agreed to buy Shockwave Medical for $12.5 billion, in a deal that would help broaden its portfolio of medical devices used in treating heart diseases.
The transaction - which is J&J's biggest since its $16.6 billion acquisition of heart pump maker Abiomed in 2022 - would give it access to a medical device that uses shockwaves to break down calcified plaque in heart vessels, similar to how kidney stones are treated.
J&J has offered $335 per share in cash, or a 17% premium to the stock's closing price in late March, when the Wall Street Journal reported that the healthcare conglomerate was in talks to buy the company. Shockwave shares rose 1% to $323.45 in premarket trading.
The deal, which values Shockwave at an enterprise value of about $13.1 billion, is expected to close by mid-2024, the companies said.
California Gov. Gavin Newsom is facing backlash after a restaurant he partially owns posted a job listing for $16 an hour when a new state law is forcing fast food eateries to pay their employees $20 an hour.
PlumpJack Cafe in Olympic Valley – which is among a group of eateries owned by a company Newsom founded in 1992 – is hiring a part-time busser who “will aim to assist the food server … to ensure guest satisfaction during all aspects of the dining experience,” according to a ZipRecruiter posting.
The job listing states the salary for the busser is $16 an hour plus tips.
But a food service worker would make more working at a McDonald’s than at the high-end restaurant and bar thanks to the new $20 fast food minimum wage that went into effect Monday.
Newsom is being slammed for his restaurant posting a job paying $16 an hour when fast-food joints must pay employees $20 an hour thanks to a new state law that went into effect Monday.
The posting lists the $16 hourly wage for the part-time role.Newsom no longer participates in the day-to-day operations of his businesses since putting PlumpJack Group into a blind trust after he was elected governor in 2018, his team noted.
“He has no role in any of the holdings that may be held by the blind trust,” a spokesperson for the governor said when contacted by The Post.
It raises the minimum by $4 an hour from the previous $16 an hour base pay.
PlumpJack Group operates four restaurants and bars and four wineries, according to its website, and therefore it’s far below the standards to meet the $20-hour wage minimum.
Still, the lower pay for a worker at an eatery that sells $37 pasta and a $67 steak compared to a fast food spot offering cheap burgers was called hypocritical by some.
PlumpJack Cafe in Olympic Valley is hiring a part-time busser for $16 an hour, according to an online listing.PlumpJack/Instagram
Republican Assembly Member Joe Patterson bashed the PlumpJack Cafe job listing, which was posted 26 days ago, on X.
“I wonder why [Gov. Newsom’s] food businesses don’t pay $20/hour? Live job posting at $16/hr in Olympic Valley. It’s very, very expensive to live there… but he doesn’t do as he tells others and doesn’t pay a living wage,” Patterson tweeted.
Since Monday, fast food spots around the Golden State have upped their menu prices to accommodate paying their employees the higher wage.
Newsom no longer participates in the day-to-day operations of his businesses since putting PlumpJack Group into a blind trust after he was elected governor in 2018, his team noted.PlumpJack/Instagram A Burger King in Los Angeles increased its Texas Double Whopper meal by $1.80 (nearly 12%) from $15.09 on March 29 but surged to $16.89 on April 1,The Post found.
Besides the toll on consumers, California Republicans fear that the new $20 minimum will cost jobs.
Gov. Kathy Hochul on Thursday nixed the Metropolitan Transportation Authority’s efforts to squeeze a $750,000 toll from the organizers of the New York City Marathon — after The Post highlighted widespread outrage over the “cash grab” move.
“I’ve directed the MTA to fix this mess and allow the marathon to move forward as it always has,” Hochul said in a statement to The Post.
“The marathon is an iconic symbol of New York City’s tenacity and resilience that unites communities across the five boroughs each fall.”
Hochul’s decision to thwart the MTA’s latest scheme came a day after it was revealed the transit agency had been at war with marathon organizers for several months over shutting down the Verrazzano-Narrows Bridge during the world-famous race.
The governor’s office acknowledged The Post’s reporting in her decision to intervene in the New York City Marathon-MTA toll controversy..
The MTA had been at war with New York City Marathon organizers for several months over shutting down the Verrazzano-Narrows Bridge during the world-famous race.AP
“She acted in response to many concerned New Yorkers, including the New York Post,” a spokesman said.
The New York Road Runners said it was aware of Hochul’s statement, and the group appreciates “her support of the TCS New York City Marathon.”
During hardball negotiations, MTA officials had demanded the New York Road Runners fork over the hefty sum to cover the cost of toll revenue lost from shutting down the bridge at the start of the 26.2-mile race.
If the nonprofit didn’t pay up, the agency threatened to restrict use of the bridge to just one level — a move organizers insisted would reduce the number of runners who can compete in the major event, which generates hundreds of millions in cash for the Big Apple each year.
This more than made up for the $750,000 the MTA said it lost in toll revenue.
Critics were quick to lash out at the MTA’s mad dash for cash, especially given the system lost $690 million to fare and toll evasion in 2022, including $46 million in toll-dodging on bridges and tunnels alone.
Gov. Kathy Hochul on Thursday nixed the Metropolitan Transportation Authority’s efforts to squeeze a $750,000 toll from the organizers of the New York City Marathon.Getty Images
Prior to Hochul’s orders to stand down, former Gov. George Pataki had taken a thinly veiled swipe at her as the outrage mounted.
“I would stop it if I were governor,” the Republican told The Post earlier Thursday, calling the MTA’s demands “another blow to New York.”
“It’s ridiculous. The marathon is an institution that puts New York at the center of the world,” he continued. “The marathon is such a beacon to the world. It’s something the whole world looks at while New York put its best foot forward. The idea that the MTA wants to profit off the race is ridiculous.”
As the negotiations unfolded, the MTA had initially said marathon runners would be restricted to the darker bottom level of the Verrazzano Bridge if New York Road Runners didn’t agree to the demands.
During hardball negotiations, as reported on by The Post, MTA officials had demanded the New York Road Runners fork over $750,000 to cover the cost of lost toll revenue.rfaraino
The agency later backtracked and told New York Road Runners it could choose either the bridge’s upper or lower deck, but not both.
The race, which attracts roughly 50,000 runners, has used both levels for the past 36 years.
In February, New York Road Runners wrote to Hochul begging for help — arguing it would have to limit the number of entries if use of the bridge was restricted.
CEO Rob Simmelkjaer stressed that the nonprofit — which reported a total income of $100.2 million last fiscal year — had already agreed to boost its payments to the MTA to cover the bridge’s closure to $200,000 for this year’s event.
“We have agreed to increase payments to the MTA in the form of both direct payments and the purchase of advertising on subways and buses. The MTA has made few concessions in these negotiations, however, and continues to insist on 100% reimbursement of lost toll revenue,” Simmelkjaer wrote.
Hochul, for her part, has ordered the MTA to revert to its original deal with New York Road Runners, which involves the group paying $150,000 to pay for security and staffing to close the bridge.
She has also encouraged the non-profit to continue finding other ways to generate revenue – including buying up ads on buses and trains.
Some MTA advocates had previously argued it wouldn’t be too much to pass the cost on to marathon runners themselves.
“The $750k in question could be covered by adding $15 to a $315 entrance fee,” the Riders Alliance, a membership organization of subway and bus riders, posted on X — noting it would be a less than 5% increase.
A source close to Hochul told The Post that the governor was against raising the marathon entry fee to recoup lost MTA costs.
The MTA declined to comment on Hochul’s orders. The New York Road Runners didn’t immediately respond to The Post Thursday.
