Maxxim Medical/Circon
This article was originally published in The Gray Sheet
Executive Summary
Maxxim completes cash tender offer for 12.5 mil. Circon shares (93%) at $15 per share on Jan. 5. Under the terms of the acquisition deal, originally announced Nov. 21 and valued at $243 mil. ("The Gray Sheet" Nov. 30, p. 21), holders of Circon shares not tendered also will be entitled to $15 per share. With net sales of $522 mil. for fiscal year 1998 (ended Nov. 1), 1.3% less than the previous year, Maxxim predicts that the addition of Circon will "significantly boost revenues" for fiscal 1999. Maxxim also reports a 52.4% gain in net income to $19.6 mil