June 17, 1997 |
U.S. Surgical Corp. said it is lowering its offer for Circon Corp. in an effort to secure a friendly merger agreement, but it said it is willing to pursue its hostile takeover bid for the company that makes medical endoscopes. Norwalk, Conn.-based U.S. Surgical said it is now offering $14.50 a share in cash, or about $14 million, for 14.9% of Circon stock, the amount it can buy without triggering the anti-takeover "poison pill" that was set up by Santa Barbara-based Circon after U.S.
June 13, 1997 |
An Orange County surgical devices maker has won $20.5 million against industry giant U.S. Surgical Corp. in a patent infringement case involving abdominal tubes used for less-invasive operations. Privately held Applied Medical Resources Corp. in Laguna Hills had won a jury verdict of more than $15 million and an unusual finding that U.S. Surgical had willfully violated Applied's patents. The finding gave the judge who presided over the case the option of trebling the damages.