CORDIS Corp has agreed to a US$1.8 billion takeover bid from Johnson & Johnson, just days after rejecting J & J's previous offer as too low. The deal is the latest sign of consolidation in the health care industry. Miami-based Cordis and J & J said they had agreed to a stock swap merger valuing Cordis at $109 a share. The maker of balloon catheters and other medical devices on Wednesday rejected J & J's cash tender offer of $100 a share and an alternative stock swap merger at $105 a share. J & J made the offers, valued at $1.6 billion, on October 19. The two companies said the tentative agreement was subject to approval by the board of directors and shareholders of Cordis. The board's approval was expected by the end of the week, they said.