NEW YORK (CNNMoney.com) - Johnson & Johnson isn't planning to give up on medical products maker Guidant just yet, according to a report Wednesday in The New York Times.

The health products maker made an 11th-hour effort to negotiate a deal with the company after Guidant' (Research)s board of directors declared Boston Scientific (Research)'s $25 billion bid as superior to Johnson & Johnson's $21.4 billion offer, people familiar with the matter told the Times. The paper said Johnson & Johnson approached the company, but it was unclear whether it made a higher formal offer.

Johnson & Johnson (Research) originally reached a deal to acquire Guidant in December, but renegotiated the terms lower after declaring that Guidant's recalls and investigations into its heart devices had diminished its value.

Boston Scientific made a formal $25 billion cash and stock offer for Guidant on Sunday to woo the company from Johnson & Johnson.

Guidant is scheduled to hold a shareholder vote on its deal with Johnson & Johnson on Jan. 31 but that could change if the board of directors backs the Boston Scientific bid first.

It's unclear whether Johnson & Johnson will have to match Boston Scientific's offer or if it just needs to sweeten the bid, but the Times reported that a deal with Johnson & Johnson is certain to close quickly if accepted.

Guidant is expected to announce its decision Wednesday.

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Guidant has run into trouble with its heart devices. Click here for more on that story.