Broadwood Partners, the largest shareholder of STAAR Surgical, announced on December 2, 2025 that it is convening a special meeting of shareholders to remove three directors—Elizabeth Yeu, Stephen Farrell, and Arthur Butcher—from the board. The move is framed as a corrective action to address concerns over the company’s sale process to Alcon and to restore investor confidence in STAAR’s governance.
Alcon has agreed to acquire STAAR Surgical for approximately $1.5 billion, valuing the company at $28 per share, a premium that exceeds STAAR’s recent trading price and 90‑day VWAP. The deal is expected to close within six to twelve months, contingent on shareholder and regulatory approval.
Broadwood’s stake in STAAR ranges from 27.5 % to 30.2 %, making it a key voting bloc. The firm alleges that Yeu’s consulting relationship with Alcon, Farrell’s potential $24 million payout, and Butcher’s approval of executive compensation tied to the deal constitute conflicts of interest and a “flawed process.” Broadwood argues that the sale undervalues the company and that the board has not acted in the best interests of shareholders.
STAAR’s financial performance has been under pressure, with Q1 2025 net sales at $42.6 million—down 45 % from $77.4 million a year earlier—largely due to inventory issues with China distributors. CEO Stephen Farrell has stated that the Alcon transaction represents the best path forward, citing declining demand in China as a headwind that limits STAAR’s standalone prospects.
Following the announcement, STAAR’s shares were largely unchanged in after‑hours trading, rising less than 1 % to $26.10. The muted reaction reflects that the market has already priced in the ongoing dispute and the uncertainty surrounding the Alcon deal. Proxy advisory firms ISS, Glass Lewis, and Egan‑Jones have recommended against the takeover, amplifying shareholder dissent.
The special meeting is scheduled for December 19, 2025. The outcome will determine whether the targeted directors are removed and will influence the board’s stance on the Alcon merger, a critical decision point for STAAR’s future direction.
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