Starboard pushes an open door at Becton Dickinson as company seeks to separate its biosciences unit

Becton Dickinson ( BDX ) is a global medical technology company comprised of essentially two businesses.

The company operates two distinct businesses that are at different stages with different growth rates and valuation multiples.

If separated, the Medtech Business should get a 13 -times to 14 -times EBITDA valuation based on its growth, while Life Sciences should receive a valuation north of 20 -times.

If separated, the Medtech Business should get a 13 -times to 14 -times EBITDA valuation based on its growth.

Life Sciences could get a valuation north of 20 -times at the low end of the multiple range.

The real value comes from two separate management teams being able to better focus on and devote resources to their own businesses.