Shares of STAAR Surgical Company (STAA) jumped 5% on Thursday afternoon after the firm announced that it had adjourned its special meeting of stockholders scheduled in connection with its merger agreement with Alcon (ALC).
The meeting was originally scheduled for October 23 and has now been adjourned until 8:30 a.m. Pacific Time on November 6, 2025. The decision to postpone the meeting was made with Alcon, STAAR said.
Alcon-STAAR Deal
STAAR is a manufacturer of phakic intraocular lenses, a vision correction solution that reduces or eliminates the need for glasses or contact lenses.
Alcon, an eye care company, said in early August that it has entered into a definitive merger agreement with STAAR under which Alcon will purchase all outstanding shares of STAAR common stock for $28 per share in cash.
The transaction was expected to close in about six to 12 months and represents a total equity value of approximately $1.5 billion, it added.
Shareholders Oppose Transaction
The meeting adjournment follows resistance from several long-term shareholders to the proposed deal. Defender Capital said earlier this month that the proposed sales of STAAR to Alcon for $28 per share “significantly undervalues the company.” Defender Capital further added that it sees no compelling reason to sell STAAR at this time, with recent optimistic projections and outlook.
Defender Capital is not the only one to oppose the proposed acquisition. Hong Kong-headquartered investment management firm Yunqi Capital, which holds a 5.1% stake in STAAR, said earlier this week that it has voted its shares against the proposed deal.
“While a 59% premium may appear compelling when viewed in isolation, shareholders understand that this figure is being presented without the fuller context of the company’s long-term trajectory – context the company itself has emphasized in past earnings materials,” Yunqi said.
Broadwood Partners, L.P., and its affiliates, STAAR’s largest shareholder owning 27.5% of the company’s outstanding common shares, on Wednesday said it intends to call a special meeting of STAAR shareholders to remove certain directors in light of its opposition to the proposed acquisition.
“We anticipate that a refreshed Board would consider, among other matters, how to run a full, fair, independent, and open strategic alternatives process to maximize value that is untainted by the process issues and conflicts of interest that afflicted this proposed transaction with Alcon,” Broadwood President Neal C. Bradsher said, while also urging fellow shareholders to vote against the deal with Alcon.
STAAR, however, has stated that it has not received any proposal to acquire the company other than from Alcon and that Alcon’s offer represents compelling and immediate cash value.
“STAAR is confident that the Alcon transaction maximizes value for STAAR stockholders, is the only merger transaction available to the company, and if it is not approved, the value of your shares is at risk of declining substantially,” the company said in a statement earlier this month.
On Stocktwits, retail sentiment around STAA stock stayed within the ‘neutral’ territory over the past 24 hours, while message volume stayed at ‘low’ levels.
STAA stock is up by 8% this year but has fallen 13% over the past 12 months.
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