One of the rumored suitors of SNN has been MDT. MDT just bought COV and is now likely out of the race to buy SNN.
There are still other suitors of SNN such as SYK and JNJ, but the stock is likely to drift lower unless an immediate bid appears.
What to do now?
Most investors may consider taking profits and exiting the position with the intention of buying again at better prices at lower prices.
Those who do not want to miss the opportunity of a $100+ bid and are willing to hold the position as the stock drifts lower may consider continuing to hold.