Boston Scientific has increased its offer to acquire Guidant to $80 per share, which comprises $42 in cash and $38 in Boston Scientific common stock, Guidant has announced. Boston Scientific had earlier offered $73 per share. The new deal is valued at roughly $27 billion.

Earlier in the week, Guidant had amended an agreement with Johnson and Johnson (J&J), which was valued at $71 per share. Instead of walking away from the table, Boston Scientific offered even more, which analysts said was "too rich a price to pay," Reuters reported. The new bid is roughly 12 percent higher than J&J's offer.

The deal is part of an amended agreement with Abbott, which will be buying Guidant's vascular business from Boston Scientific if the deal goes through. Boston Scientific also agreed to divest all overlapping assets.

"We are providing Guidant shareholders with certainty of completion, significant upside potential and substantially more value today than the Johnson & Johnson transaction," said Boston Scientific Chairman Pete Nicholas in a statement.

Boston Scientific's offer will remain open until 4 pm on Jan. 25.

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