SCHEDULE 14A INFORMATION
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Circon Corporation
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(Exact Name as Specified In its Charter)
The Circon Shareholders Committee
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CONTACT:
Stanley J. Kay
MacKenzie Partners, Inc.
(212) 929-5940
FOR IMMEDIATE RELEASE:
CIRCON SHAREHOLDERS COMMITTEE NOMINATES TWO CANDIDATES
FOR THE ELECTION AT CIRCON ANNUAL MEETING
NEW YORK, NEW YORK, October 19, 1998 -- The Circon Shareholders Committee
announced today that on Friday, October 16, it advised Circon Corp. (NASDAQ:
CCON) that it intends to nominate two candidates for election to Circon's board
at its upcoming annual meeting, scheduled for November 24, 1998, in accordance
with the Company's advance notice by-law provision.
The Committee is composed of Castlerigg Master Investments Ltd., which
beneficially owns 575,996 shares of Circon common stock; Metropolitan Capital
Advisors, Inc. and Metropolitan Capital III, which beneficially own 403,664
shares; and P. Schoenfeld Asset Management LLC, which beneficially owns 251,055
shares. The Committee's collective beneficial ownership of approximately
1,230,715 shares, represents about 9.2% of Circon's outstanding common stock.
The Committee, which was formed for the purpose of immediately maximizing the
value of Circon for the benefit of all shareholders, intends to nominate
Jonathan R. Macey, a law professor at Cornell University and Alain Oberrotman, a
management consultant and former principal in the private equity group of
Odyssey Partners, a New York City investment firm. Mr. Oberrotman is a director
of Eagle Food Centers, Inc.
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ADDITIONAL PARTICIPANT INFORMATION
In addition to the participants named above, the following individuals and
entities also may be deemed to be participants in the Committee's proxy
solicitation: Peter Schoenfeld as managing member of P. Schoenfeld Asset
Management, LLC; Sandell Asset Management Corp. and Thomas Sandell, as
investment manager and principal, thereof, respectively, for Castlerigg Master
Investments, Ltd.; and Jeffrey E. Schwarz and Karen Finerman, as shareholders,
directors and executive officers of Metropolitan Capital Advisors, Inc. and
Metropolitan Capital III, Inc.
