Circon Rises on Purchase Offer From Maxxim

Circon Corp. shares rose 36% after Maxxim Medical Inc., which makes and markets specialty medical products, agreed to buy the maker of diagnostic equipment for $243 million in cash and debt. Circon rose $3.81 to close at $14.50 on Nasdaq. Earlier its shares hit $15, which is the price the two companies’ directors have agreed that Maxxim will pay for each Circon share. Maxxim will assume $38 million in debt in the transaction, which was announced Sunday. Santa Barbara-based Circon, which makes endoscopy equipment, announced earlier this month that it would ease its anti-takeover provisions and consider being acquired. Circon had annual revenue of $159.9 million last year. Clearwater, Fla.-based Maxxim had sales of $529.5 million. Maxxim shares rose 75 cents to close at $25.75 on the NYSE.