Bid offer price for Circon cut to $17 a share:
This article was originally published in Clinica
The hostile take-over bid for Circon is still on although bidder US Surgical has cut its offer price from $18 to $17 a share because of Circon's poor third-quarter performance. US Surgical also extended its cash tender offer to February 13th. As before, Circon is rejecting the bid as inadequate. By mid-December, 7.73 million shares had been tendered which together with the one million owned by US Surgical represent 89% of the shares not owned by Circon's management and board, US Surgical says.