Majority of STAAR Surgical Shareholders Oppose Alcon Acquisition
A majority of STAAR Surgical's shareholders, led by Broadwood Partners and Yunqi Capital Limited, oppose the planned election day acquisition by Alcon. This follows a recommendation by proxy adviser ISS for shareholders to vote against the deal. The news has impacted share prices, with STAAR Surgical falling 5% and Alcon rising 0.6%.
The opposition is spearheaded by Broadwood Partners, which holds 27.5% of STAAR's shares, and Yunqi Capital Limited, with a 5.1% stake. They are joined by Stimmrechtsberater ISS, which recommended shareholders vote against the election. The vote on the deal is scheduled for Oct. 23.
The ISS recommendation, earlier reported by Reuters, cited multiple issues with the deal, finding no compelling reason for shareholders to support it. This follows a previous recommendation by proxy firm Glass Lewis to vote against the transaction. Broadwood Partners, the largest shareholder with a ~27% stake, has publicly opposed the deal and supports the ISS recommendation.
The opposition from major shareholders and proxy advisers could significantly impact the outcome of the election day vote on Oct. 23. The acquisition, valued at $1.5 billion, now faces considerable hurdles, with share prices reflecting the shop deals uncertainty.
