Broadwood Partners rallies opposition to STAAR Surgical-Alcon deal

Broadwood Partners said shareholders representing more than 34% of STAAR Surgical Company (NASDAQ: STAA) outstanding shares have publicly opposed the proposed acquisition by Alcon Inc. (NYSE: ALC).

The investment firm stated that three major proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - have recommended against the transaction. STAAR shareholders are scheduled to vote on the deal at a special meeting on October 23, 2025.

Among the shareholders opposing the transaction are Yunqi Capital, Defender Capital, CalSTRS, former STAAR CEO David Bailey, and former STAAR executive Pascal Aeschlimann, according to the statement.

"It is clear the sale process that led to this proposed transaction was deeply flawed and conflicted from the beginning," said Neal C. Bradsher, Broadwood Founder and President.

Glass Lewis noted concerns about procedural depth, stating the board gave "short shrift to at least two inbound expressions of interest" and relied on a process with "little practical likelihood of producing a competing offer."

ISS questioned whether the board was fully informed of potential interest, noting the board chair had a business relationship with Alcon that concluded less than a year before the deal announcement.

Egan-Jones calculated that using management projections and an 8.1% WACC yields an equity value range of $22 to $49.66 per share, compared to Alcon's $28 per share offer. The firm noted this represents a discount from Alcon's previous offers of $58 per share in April 2024 and $55 per share plus $7 contingent value in October 2024.

STAAR's management projects revenue growth from $260 million in 2025 to nearly $500 million by 2030, according to former executives Bailey and Aeschlimann.

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