Broadwood Partners maintains opposition to STAAR Surgical sale to Alcon

Broadwood Partners, which owns 30.2% of STAAR Surgical Company (NASDAQ: STAA), reiterated its opposition to the company's proposed sale to Alcon Inc. (NYSE: ALC) following completion of a go-shop process that yielded no alternative offers.

The investment firm said the go-shop process failed to address what it considers fundamental flaws in the transaction's process, timing and $28 per share price. STAAR's board had postponed the shareholder vote three times before conducting the go-shop period, during which other potential buyers could submit competing offers.

According to Broadwood, the go-shop process was structured to favor Alcon, which retained matching rights for four days following the go-shop period and received access to information about competing proposals. The firm said at least one interested party was required to sign a multi-year standstill agreement to access due diligence materials, differing from Alcon's non-disclosure agreement.

Broadwood noted that shareholders representing nearly 35% of STAAR's outstanding shares had publicly opposed the transaction before the original October meeting date, and all three major proxy advisory firms recommended voting against the deal.

The firm plans to call a special meeting to remove certain board members it considers responsible for the proposed transaction. Broadwood said it does not seek control of STAAR but wants independent directors committed to shareholder interests.

STAAR's board reported that the go-shop process did not produce a superior offer and maintains that the Alcon deal represents fair value. The shareholder vote is scheduled for December 19, 2025.

Broadwood continues to urge STAAR shareholders to vote against the proposed merger, stating the transaction remains unchanged from when shareholders were prepared to reject it in October.

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