Medical device maker C.R. Bard Inc.-owner of a Davol Inc. plant in Lawrence regained its independent status Wednesday after the company said it was ending its agreement to be bought by Tyco International, the diversified industrials group.

The all-share deal, which had been valued at $3.2 billion when announced last May, recently came under a cloud as Tyco’s shares took a beating after the conglomerate announced plans to split into four separate companies.

Bard’s shares, valued at $60 when the deal was announced, closed Wednesday at $50 on the New York Stock Exchange. Tyco shares, which were at $57 when it entered into the deal to acquire Bard, closed Wednesday at $25.92 on the NYSE.

“We now believe that the best course of action for our shareholders, as well as our employees, is for Bard to remain an independent company,” said William Longfield, Bard’s chief executive.

C.R. Bard owns Davol, whose plant at 700 E. 22nd St. has about 140 employees and produces disposable medical products, including irrigation syringes.

Bard said it was no longer looking for a buyer and was looking to resume life as an independent company. It said its financial outlook was positive, saying it would provide more details in the next few days.

Bard and Tyco said they each would bear their own costs associated with the deal. Bard said the costs were not material to its financial performance.

The break-up did not come as a surprise, with many analysts believing that a spin-off of Tyco’s healthcare business would translate into a tax obligation for Bard shareholders.