Circon Corp., a medical device maker, won Chancery Court approval for a settlement of lawsuits brought by shareholders who claimed company executives looked out for their own best interests in fighting off a $235 million takeover bid by U.S. Surgical Corp.
In the settlement Circon agreed to open itself up for bidders after fending off U.S. Surgical and offered to pay $800,000 in legal fees shareholders racked up in suits against the company. Chancellor William B. Chandler III approved the agreement, including the $800,000 in attorneys’ fees, finding it constituted a fair and reasonable settlement.
