Broadwood opposes revised STAAR Surgical acquisition by Alcon

Broadwood Partners, which owns 30.2% of STAAR Surgical Company (NASDAQ: STAA), stated it will vote against Alcon Inc.'s (NYSE: ALC) revised acquisition proposal despite the increased offer price.

Alcon raised its acquisition price for STAAR Surgical, adding approximately $150 million to its original $28 per share offer, bringing the new price to $30.75 per share. The revised terms follow postponements of the shareholder vote that was originally scheduled for October 23, 2025, and has been rescheduled to December 19, 2025.

Broadwood criticized the acquisition process, stating the original sale process was flawed and that the current price remains inadequate. The investment firm noted that Alcon had previously offered more than twice the current per-share price approximately 14 months ago, while STAAR's financial projections have not changed materially.

The firm expressed concerns about executive compensation arrangements, noting that STAAR's CEO was initially entitled to $24 million for five months of work under the original transaction terms. Broadwood suggested these compensation packages created misaligned incentives that may have compromised the deal process and pricing.

STAAR Surgical's board implemented a go-shop mechanism following the initial proposal, though Broadwood characterized this as ineffective, citing constraints placed on potential bidders including multi-year standstills and limited engagement timeframes.

Broadwood stated it believes STAAR Surgical has value as an independent company and could achieve significant profitability based on management's projections. The firm indicated it does not seek control of STAAR but wishes to maintain its ownership position.

The information is based on a press release statement from Broadwood Partners regarding the proposed acquisition of STAAR Surgical by Alcon.

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