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In Brief: Circon/U.S. Surgical

This article was originally published in The Gray Sheet

Executive Summary

Circon/U.S. Surgical: Circon shareholders elect two USSC-nominated board members to Circon's seven member board of directors in furtherance of USSC's hostile bid to take over the firm, according to a preliminary tabulation of Circon's Oct. 6 shareholder vote by independent inspector of the election Corporation Trust Company. Circon shareholders also appear to have adopted a USSC-sponsored, non-binding resolution to auction Circon to the highest bidder. Circon in late August rejected USSC's most recent tender offer of $16.50 per share, which will expire Oct. 23. USSC's first effort to buy Circon was an $18-per-share bid in August 1996. USSC has filed suit against Circon seeking to enjoin the company from reappointing Chairman and CEO Richard Auhll to the board ("The Gray Sheet" Sept. 22, In Brief)...

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