STAAR Surgical shareholders voted on January 6 2026 to reject Alcon Inc.’s offer to acquire the company, ending a deal that had been negotiated for more than a year. The vote was decided by a narrow margin, with Broadwood Partners—STAAR’s largest shareholder at 30.2 %—leading the opposition.
The original offer that reached the shareholder ballot was valued at approximately $1.5 billion, or $28 per share. In December 2025 Alcon increased the proposal to $1.6 billion, raising the price to $30.75 per share, but the higher bid still failed to secure the required 50 % of votes. Broadwood’s campaign highlighted concerns about the valuation, the sale process, and the strategic fit, arguing that STAAR’s technology—particularly its EVO ICL platform for high‑myopia patients—could generate stronger returns as an independent company.
STAAR CEO Stephen Farrell said the company respects the outcome and will continue to pursue growth as a standalone entity. He emphasized confidence in the firm’s product pipeline and margin expansion potential, noting that the company’s recent Q3 2025 revenue of $94.7 million grew 6.9 % year‑over‑year despite a decline in China sales and inventory challenges.
For Alcon, the rejection removes a key growth lever that was intended to broaden its cataract and refractive surgery portfolio. The company’s Q3 2025 results—sales of $2.6 billion and core diluted EPS of $0.79—show solid performance, but the loss of the STAAR acquisition may slow its expansion into high‑myopia refractive surgery. Alcon will likely accelerate product launches and seek alternative acquisitions or partnerships to maintain its competitive position.
The market reacted sharply to the vote. STAAR’s shares fell more than 12 % in early trading on January 6, reflecting investor concern that the company will face short‑term headwinds without the capital infusion from Alcon. Alcon’s shares rose 1.9 %, indicating that investors view the rejection as a relief from a potentially contentious deal and a signal that the company can focus on its existing business.
The outcome underscores the power of activist shareholders in shaping M&A outcomes and highlights the importance of valuation and process transparency in large corporate transactions. It also signals that Alcon’s strategy will need to pivot toward organic growth and other acquisition targets to sustain its market share in the evolving cataract and refractive surgery landscape.
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