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Auhll displays many signs of excessive optimism before and during the takeover process. An example of a manager being excessive optimistic in situation according to Shefrin (2007) would be to delay cost cutting in challenging time and as the takeover went on Auhll stated that “beginning a major cost cutting program in May 1997, which in retrospect I wish we had initiated nine months earlier..” “We spend a lot of money on incentives for the sales force to stay in place”. Another form of bias is that managers are too overconfident in their actions and as an example make acquisitions when cash-rich (Shefrin, 2007, p. 6). The acquisition Circon went for in 1995 buying Cabot is a clear link to this behavior. Circon had its largest stack of cash in 1995 ($17.58 Million) and Auhll went to buy a company in another part of the industry, he show strong influences of overconfidence in his ability to exploit the possible synergies. Auhll believed that he would be able to turn around Cabot in the same way that he had turned around the previous acquisition of ACMI.
The bid from Surgical was 70% over the current market price and during the period of the takeover process both the S&P and the HCMP (Healthcare and medical products index) was booming. However he believe that the deal was not in line with their strategic plan that was expected to create superior value (illusion of control?)
Further Auhll show clear signs of confirmation bias when he chooses Bear Stearns & Company as Circon´s financial advisor just days after the hostile bid announcement. He rejects two firms that would like to prepare Circon for sale, and three firms that indicated that Circon only had 20% chance of remaining independent. Instead Auhll selects Bear Stearns that can benefit from success with the defense, and McCarthy that is likely to focus on getting a high price for Circon, defeat the hostile takeover and has personal stakes involved and had worked with Circon during the Cabot Medical acquisition.
Considering heuristics which is another aspect of the behavior among managers, Auhll seems to be fixed to the first offered price $18 during the whole negotiation process regardless of the changing situation along the way. In psychological term this is expresses as anchoring defined to become fixed on an number and don’t adjust to new information (Shefrin, 2007, p. 9) Coming back to the comment by Auhll to blame the poor performance of the company on the takeover process, the concept of self-attribution error seems relevant, meaning a tendency for people to take credit for positive outcome and blame negative outcomes on bad luck.
The background of Auhll is reflected in the decisions made along the way. Living in a small community where Circon is the major employer and social relations would become affected by the outcome of a possible takeover, leading to an escalation of commitment in “saving” the firm. Some of the drastic anti-takeover measures would also be a sign of doing whatever it takes to remain as CEO.

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