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Proxy Fight Continue
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Business New Haven
11/3/1997
By: Russell Stone
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NORWALK - U.S. Surgical Corp. (NYSE: USS) won a preliminary victory in its continuing fight to take over Circon Corp. (NASDAQ: CCON) (BNH, October 20). Independent Circon shareholders not affiliated with Circon or U.S. Surgical voted in favor of the latter's board nominees and its resolution to sell the company quickly by a 4-1 margin, and the overall vote in favor of sale was 70 percent. Circon's chairman, Richard Auhll, was voted out of office, but the company's board said after the election they would consider reappointing Auhll. U.S. Surgical chairman Leon Hirsch pronounced himself “appalled” at the Circon board's attempt to “defy shareholder wishes.” U.S. Surgical also announced good third-quarter results, with sales rising $15 million to $295 million, while profits rose from $29 million to $32 million.
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