November 25, 1997
Santa Barbara-based Circon Corp. returned Chief Executive Richard Auhll to the board and reappointed him chairman, prompting U.S. Surgical Corp., which is seeking to take over the medical device maker, to go back to court to seek his removal from the board.
October 19, 1997 |
Imagyn Medical Technologies Inc. said it has filed a patent infringement suit against U.S. Surgical Corp. In the complaint, Newport Beach-based Imagyn alleges that U.S. Surgical's ABBI breast biopsy device infringes on two patents held by Imagyn. Imagyn is seeking an injunction to stop the manufacture and sale of ABBI in the U.S., as well as damages and attorneys' fees. A spokesman for Connecticut-based U.S. Surgical said his company has not been served and can't comment on specifics.
August 19, 1997 |
Santa Barbara-based Circon Corp. said it rejected U.S. Surgical Corp.'s fourth bid, calling the $16.50-a-share, or $235-million, offer for the maker of surgical devices too low. U.S. Surgical first offered to buy Circon in August 1996 for $18 a share, a bid that was lowered to $17 and then $16.33. Circon rejected each offer. U.S. Surgical filed a lawsuit against Circon on Aug. 13 to let shareholders vote on the offer. Circon's board asked shareholders not to respond to U.S. Surgical's Aug.
August 6, 1997 |
U.S. Surgical Corp. said it has begun another hostile tender offer to acquire the rest of Santa Barbara-based Circon Corp., a maker of devices for minimally invasive surgery that it has been pursuing for a year. The offer, which values Circon at about $218 million, is for $16.50 a share. Norwalk, Conn.-based U.S. Surgical also makes products meant to lower the cost of surgery and other medical treatments. It already owns 14.8% of Circon. U.S.
July 19, 1997 |
Urohealth Systems Inc. on Friday sweetened by 35% its deal to buy Imagyn Medical Inc. for stock, and the boards of the two Orange County medical device companies endorsed the revised terms. Imagyn, a Laguna Niguel company whose low stock price and innovative instruments for gynecological surgery make it an attractive target, also said it rejected the unsolicited offer received earlier this week from giant U.S. Surgical Corp. The Norwalk, Conn.-based company said it won't increase its offer.
July 17, 1997 |
Imagyn Medical Inc., the medical devices firm set to be acquired by Costa Mesa-based Urohealth Inc., received a higher offer Wednesday from giant U.S. Surgical Corp. Imagyn, which makes devices for minimally invasive surgery, said it's calling a meeting of its board to consider the $57.5-million offer--a cash or stock deal about 20% higher than Urohealth's all-stock bid.