U.S. Surgical Terminates Offer for Circon

U.S. Surgical Corp. has announced that its tender offer for rival medical device maker Circon Corp. has expired, and has subsequently been terminated.

Reasons cited include U.S. Surgical's proposed merger with Tyco International Ltd. as well as Circon's recent announcement that it has invited various companies to make bids to acquire Circon.

On August 2, 1996, U.S. Surgical launched an unsolicited $230 million bid for Circon that valued the company at $18 per share. U.S. Surgical changed the bid several times and it last stood at $220 million, or $16.50 per share.

U.S. Surgical will promptly return all Circon shares tendered in the offer to Circon stockholders.