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Circon seeks white knight
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August 25, 1998: 12:54 p.m. ET
Medical device maker hopes to fend off hostile takeover bid by U.S. Surgical
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NEW YORK (CNNfn) - In efforts to fend off a 2-year-old hostile takeover bid by larger rival U.S. Surgical Corp., Circon Corp. said Tuesday it is seeking a 'white knight' to save the day.
Circon, a Santa Barbara, Calif. company that is the largest producer of advanced edoscopes and miniature color-video systems used by doctors, is inviting "certain companies" to submit proposals for "strategic transactions or relationships."
A Circon spokeswoman declined to confirm whether U.S. Surgical or Tyco International Ltd. (TYC), which agreed in May to acquire U.S. Surgical for $3.3 billion, are among the companies invited to make proposals.
U.S. Surgical Corp., a Norwalk, Conn.-based surgical equipment maker, launched a hostile takeover bid for Circon, offering $18 per share, or about $230 million.
U.S. Surgical already owns 8 percent of Circon.
Shares of Circon (CCON) closed Monday at 14-1/8 on the Nasdaq. 
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