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In Brief: Circon rejects U.S. Surgical bid

This article was originally published in The Gray Sheet

Executive Summary

Circon rejects U.S. Surgical bid: U.S. Surgical says Aug. 16 it will continue its $18-per-share tender offer for minimally invasive urological and gynecological surgical products firm Circon despite a recommendation from Circon's board that its shareholders reject the bid, launched Aug. 2 ("The Gray Sheet" Aug. 5, p. 3). In an Aug. 15 press release, Circon says its board determined that the company "should continue to pursue its strategic plan and that Circon is not for sale at this time." The USSC offer "does not reflect the long-term values inherent in the company and in the opinion of Bear Stearns, Circon's financial advisor, the consideration offered is inadequate," Circon notes. To help stave off the takeover attempt, Circon's board adopts a shareholder rights plan, to be distributed to stockholders of record on Aug. 26. The rights become exercisable if "a person tenders for or acquires 15% or more of Circon's common stock," the company says. U.S. Surgical's tender bid expires on Aug. 29...

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