STAAR Surgical falls as proxy adviser recommends against revised Alcon deal

 STAAR Surgical (STAA) dropped 5% after proxy adviser Glass Lewis recommended holders reject the revised $30.75 a share offer from Alcon (ALC).

“We do not believe there exists persuasive cause for investors to endorse the revised Alcon arrangement," Glass Lewis wrote in its report, according to a statement from Broadwood Partners, STAAR's biggest shareholder, who has been opposed to the sale. 

he latest recommendation comes after Alcon (ALC) on Tuesday  raised its offer to $30.75 from the original deal price of $28. Shareholders are scheduled to vote on the transaction on Dec. 19. 

“In reaffirming its opposition to this misbegotten transaction, Glass Lewis correctly concluded that the revised price is not compelling and that the STAAR Board lacks credibility," Neal C. Brasher, Broadwood founder and president, said in the statement. 

Broadwood, which has a 30% stake in STAAR (STAA), and holder Yunqi Capital both earlier this week said they still plan to vote against the Alcon  deal even with the revised bid.

“We stand by the comprehensive sales process overseen by a Board committed to maximizing value for STAAR stockholder," STAAR said in a statement to Seeking Alpha.  "Since the initial announcement of the Alcon merger agreement, Broadwood has distorted the truth and worked at every turn to derail the transaction to serve its own interests. STAAR believes its stockholders will be harmed if this transaction is not approved and that the value of STAAR will be significantly less. STAAR stockholders have a choice: $30.75 in cash from Alcon or allow Broadwood to obtain even greater influence without paying any premium to other stockholders.”

https://www.msn.com/en-us/money/companies/staar-surgical-falls-as-proxy-adviser-recommends-against-revised-alcon-deal/ar-AA1SeC1L