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Deal boosts Circon stock
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November 23, 1998: 12:21 p.m. ET
Medical products maker climbs on word of acquisition by Maxxim
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NEW YORK (CNNfn) - Circon Corp.'s stock had a healthy Monday morning, following news that the Santa Barbara-based medical products maker would be acquired by Maxxim Medical Inc.
Circon (CCON), which designs and manufactures of endoscopy systems for diagnosis and minimally invasive surgery, saw its stock rise 3-7/8 to 14-9/16 in late morning trading.
The total cost of the acquisition is about $205 million in cash and the assumption of $38 million of outstanding debt.
Maxxim (MAM) was up 1/2 to 25 1/2. The Clearwater, Fla.-based company makes and distributes disposable medical products, such as medical gloves, custom procedure trays, electrosurgical systems and disposable products for use in cardiology, radiology and critical care.
The companies announced over the weekend that they had entered into a definitive agreement for Maxxim to acquire Circon.
The deal calls for Maxxim to start a cash tender offer for all of the outstanding shares of Circon common stock at a net price of $15 per share.
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