STAAR SURGICAL (STAA) Company Report

STAAR Surgical is terminating its merger agreement with Swiss eyecare giant Alcon after preliminary vote counts indicated a failure to secure sufficient shareholder approval, resulting in STAAR shares falling 15-17%.
The deal's termination carries no financial consequences or termination fee for either party.
Broadwood Partners, STAAR’s largest shareholder, was a vocal opponent of the acquisition, contributing to the deal's failure.
STAAR plans to operate as a standalone company, focusing on driving adoption of its EVO implantable Collamer lens technology.

Jan 6, 2026, 2:06 PM

Morningstar

STAAR Surgical Stockholders Reject Alcon Merger Agreement

STAA

M&A

Proxy Vote Outcomes

STAAR Surgical Company announced on January 6, 2026, that stockholders did not approve the merger agreement with Alcon at a Special Meeting.
As a result, STAAR intends to terminate the merger agreement with Alcon, with no termination fee payable by either party.
STAAR will remain a standalone, publicly traded company and continue to trade on Nasdaq under its current ticker symbol "STAA".
CEO Stephen Farrell stated the company's commitment to maximizing stockholder value and realizing its full potential as a standalone entity.

Jan 6, 2026, 2:01 PM

8-K

STAAR Surgical: Defender Capital Reiterates Vote Against Alcon Acquisition

STAA

M&A

Takeover Bid

Proxy Vote Outcomes

Defender Capital, a 1.5% shareholder of STAAR Surgical (STAA), has reiterated its intention to vote AGAINST the proposed sale of STAAR to Alcon Inc. (ALC).
The firm believes the acquisition is at the wrong time and price, arguing it does not reflect STAAR's long-term potential or adequate value for shareholders, especially given recent business stabilization and major shareholder support for an independent STAAR.
Defender Capital also criticized the deal's process as flawed, noting that Glass Lewis recommended against it and ISS called it "deeply flawed," with no new bids emerging after the process was reopened.
The shareholder vote on the transaction is scheduled for December 19.

Dec 17, 2025, 9:53 PM

Press Release

STAAR Surgical's Amended Alcon Merger Agreement Receives Analyst and ISS Support

STAA

M&A

Proxy Vote Outcomes

Takeover Bid

STAAR Surgical's amended merger agreement with Alcon provides stockholders with $30.75 per share in cash, representing a 74% premium to STAAR's 90-day Volume Weighted Average Price as of August 4, 2025.
Independent industry analysts, including BTIG, Canaccord Genuity, Mizuho, and Needham, have recognized the value of the amended Alcon merger agreement, with Mizuho noting the ~4.5x proposed exit multiple as sufficiently fair.
Independent proxy advisory firm Institutional Shareholder Services (ISS) has updated its report to recommend that STAAR stockholders vote "FOR" the Alcon transaction.
The STAAR Board of Directors also recommends that stockholders vote "FOR" the Alcon merger at the virtual Special Meeting scheduled for December 19, 2025, with the record date for voting being October 24, 2025.

Dec 16, 2025, 2:12 PM

Press Release

STAAR Surgical's Go-Shop Period Expires Amidst Shareholder Opposition to Alcon Merger

STAA

M&A

Proxy Vote Outcomes

Takeover Bid

STAAR Surgical Company's go-shop period, related to its amended merger agreement with Alcon Inc., expired on December 6, 2025, with no alternative proposals received.
Alcon Inc. announced an amended merger agreement to acquire STAAR Surgical.
Yunqi Capital noted Alcon's revised offer to acquire STAAR Surgical for $30.75 per share.
Broadwood Partners and proxy advisory firm Egan-Jones have reaffirmed their recommendation for shareholders to vote "AGAINST" the proposed acquisition by Alcon. STAAR Surgical has issued a statement to correct misinformation from Broadwood Partners regarding its go-shop process.

Dec 11, 2025, 2:47 PM

Press Release

STAAR Surgical Sets Record Straight on Go-Shop Process for Alcon Merger

STAA

M&A

Takeover Bid

Proxy Vote Outcomes

STAAR Surgical issued a statement to correct misinformation from activist investors Broadwood Partners and Yunqi Capital regarding its go-shop process for the pending merger with Alcon.
The company clarified that FountainVest, identified by activists as a "credible buyer," initiated contact on day 21 of the 30-day go-shop period and subsequently declined to execute a non-disclosure agreement, even after STAAR accepted FountainVest's deletion of a standstill provision.
The 30-day go-shop period expired on December 6, 2025, with no acquisition proposals received.
STAAR's CEO, Stephen Farrell, indicated that the company has faced challenges with procedure volumes in China and that now is the right time to sell.
STAAR encourages stockholders to accept Alcon's increased all-cash offer of $30.75 per share, representing a 74% premium to the 90-day VWAP, with a Special Meeting of Stockholders scheduled for December 19, 2025, to vote on the merger.

Dec 11, 2025, 2:47 PM

Press Release

STAAR Surgical: Broadwood Partners Opposes Alcon's Amended Acquisition Offer

STAA

M&A

Takeover Bid

Alcon Inc. announced an amended merger agreement with STAAR Surgical Company.
Broadwood Partners, holding 30.2% of STAAR's outstanding common stock, continues to oppose the proposed sale of the Company to Alcon, despite Alcon's increased proposed acquisition price.

Dec 9, 2025, 5:39 PM

Press Release

STAAR Surgical and Alcon Amend Merger Agreement

STAA

M&A

Takeover Bid

Proxy Vote Outcomes

Alcon has entered into an amended merger agreement to acquire STAAR Surgical for $30.75 per share in cash.
This revised offer increases the equity value for stockholders by approximately $150 million, bringing the total equity value of the transaction to approximately $1.6 billion.
The acquisition price represents a 74% premium to STAAR's 90-day Volume Weighted Average Price (VWAP) and a 66% premium to the closing price on August 4, 2025.
The transaction is anticipated to close in early 2026, subject to customary closing conditions, and is expected to be accretive to Alcon's earnings in year two.

Dec 9, 2025, 1:30 PM

Press Release

STAAR Surgical Announces Expiration of Go-Shop Period

STAA

M&A

Takeover Bid

Proxy Vote Outcomes

STAAR Surgical Company announced the expiration of its go-shop period on December 6, 2025, at 11:59 p.m. Eastern Time, related to its amended merger agreement with Alcon Inc..
No competing acquisition proposals were received during the go-shop period.
STAAR, with the assistance of its financial advisor, Citi, actively solicited proposals from 21 third parties, with two signing non-disclosure agreements and engaging in discussions, but none submitted a competing offer.
The company stated that the results of the go-shop process validate the effectiveness of the STAAR Board's process and confirm that Alcon is the right buyer.

Dec 8, 2025, 1:13 PM

8-K

STAAR Surgical Reports Q3 2025 Results and Pending Acquisition

STAA

Earnings

M&A

Share Buyback

STAAR Surgical reported net sales of $94.7 million for the third quarter of 2025, representing a 6.9% year-over-year increase, significantly influenced by $25.9 million recognized from the December 2024 China shipment.
The company's gross margin improved to 82.2% in Q3 2025, compared to 77.3% in the prior year quarter, primarily due to the timing of cost of sales recognition for the December China Shipment.
Net income for Q3 2025 was $8.9 million, or $0.18 per diluted share, a decrease from $10.0 million or $0.20 per share in the prior year quarter. However, Adjusted EBITDA increased to $34.6 million, or $0.68 per share, up from $16.2 million or $0.33 per share year-over-year.
STAAR Surgical announced a pending acquisition by Alcon Inc., and consequently, will not host a conference call to discuss its third quarter 2025 results.
During Q3 2025, the company repurchased approximately 115,000 shares of its common stock for a total cost of $2.0 million under its $30 million share repurchase program.