Medtech Insight is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

In Brief: U.S. Surgical/Circon

This article was originally published in The Gray Sheet

Executive Summary

U.S. Surgical/Circon: USSC amends the terms of its unsolicited tender offer for all outstanding shares of Circon, proposing to buy on a "pro rata basis" up to 973,174 shares of Circon for $14.50 each. The shares, combined with the approximately 1 mil. shares USSC already owns, would lift USSC's ownership of Circon to about 14.9%, just shy of the 15% level that would trigger a Circon "poison pill," USSC says. The offer is good until July 14, after which USSC says it will initiate a new tender offer of $16.50 per share for all outstanding Circon stock. USSC commenced its tender offer for all outstanding Circon stock last August, bidding $18 per share. The offer was lowered to $17 per share in December due to Circon's worse-than-expected third quarter operating results. "Based upon results for the past three quarters, USS can no longer justify to its shareholders -- absent the ability to review and discuss with Circon's management its operating plan -- an offer of $17 per share," USSC says in a press release. In NASDAQ trading Monday, Circon stock climbed 5/8 points to $13-3/8...
Advertisement
Advertisement
UsernamePublicRestriction

Register

MT008288

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel