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In Brief: U.S. Surgical/Circon

This article was originally published in The Gray Sheet

Executive Summary

U.S. Surgical/Circon: U.S. Surgical announces Aug. 30 that it is extending its $18-per-share tender offer for outstanding stock in minimally invasive gynecological and urological surgery products firm Circon. The offer, which was launched Aug. 2, and expired Aug. 29 at midnight, will remain open until Sept. 30, 1996 at 6 p.m., U.S. Surgical says. As of the Aug. 29 expiration date, approximately 7 mil. Circon shares had been tendered. Those shares, combined with the 1 mil. shares already owned by U.S. Surgical, represent roughly 63% of outstanding Circon stock. U.S. Surgical says it needs about 1.7 mil. additional tendered shares to complete a takeover of Circon, noting that it expects that Circon's management and board "will recognize the business realities and the sentiments of their own shareholders and conclude that our offer is compelling." Circon's board, which recommended Aug. 16 that its shareholders reject the U.S. Surgical bid, reiterated that position in an Aug. 30 release, stating: "We firmly believe that execution of our strategic plan will generate superior value for our stockholders"...
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