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Circon's Strategic Sale Journey: From Offer to Acquisition

Explore Circon's performance and strategic decisions leading to its acquisition by Maxxim Medical in November 1998. Includes key events such as offers, board decisions, and leadership changes.

callum-mcknight
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Circon's Strategic Sale Journey: From Offer to Acquisition

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  1. Circon (A) Case April 20, 2006

  2. Circon’s Performance • Offer by U.S. Surgical first made August 2, 1996 for $18/share when share price was around $12-1/8 • Offer lowered to $17 on December 14, 1996 • Offer limited to 14.9% of shares at $14.50 on June 16, 1997 • Offer to buy remainder at $16.50 until offer dropped on September 15, 1998

  3. Board meeting October 16, 1998 • Auhll agreed to resign • Shares fell to $8.25 • Cloutier named interim CEO assigned goal to engineer sale of company • Circon sold in November 1998 to Maxxim Medical for $15/share

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