Circon Shares Fall After Buyout Offer Ends

Shares of Circon Corp., a maker of minimally invasive surgery products, plunged 29% after U.S. Surgical Corp. said it dropped its $230-million tender offer to buy the company. Shares in the Santa Barbara-based company fell $3.38 to close at $9.88 on Nasdaq. Earlier, the shares touched $9.13, the lowest level for the company in two years. Circon, which has annual sales of about $160 million, has been the target of a hostile takeover bid by U.S. Surgical since 1996. Norwalk, Conn.-based U.S. Surgical, one of the largest U.S. operating room supply companies, said it dropped its bid because Circon invited other bids and because U.S. Surgical plans to merge with diversified manufacturer Tyco International Ltd. U.S. Surgical shares fell 6 cents to close at $42.44 on the NYSE.