On Tuesday, STAAR Surgical Company (NASDAQ: STAA) disclosed that its shareholders did not approve the proposed merger with Alcon Inc. (NYSE: ALC) during the Special Meeting of Stockholders. As a result, STAAR stated it intends to terminate the merger agreement with no associated termination fees required by either party, allowing STAAR to maintain its status as an independent publicly traded company.
Stephen Farrell, Chief Executive Officer of STAAR Surgical, addressed the company’s strategic direction after the vote. Farrell emphasized that the company’s immediate focus would remain on delivering profitable sales expansion coupled with improved efficiencies across its distribution network. Highlighting the company's technological product, Farrell reiterated the importance of broadening the global application of the EVO Implantable Collamer Lens (ICL), describing this as a core mission moving forward.
Shareholder opposition largely influenced the outcome of the merger vote. Broadwood Partners, an investor holding approximately 30.2% of STAAR’s shares, expressed disapproval of the acquisition deal, urging focus on the company’s independent prospects. According to Broadwood, STAAR currently benefits from a leading technological position in its market space, a robust financial standing, and strong presences in significant markets. The firm also noted the clear opportunities for both short- and long-term enhancements in growth and profit margins.
Similarly, in December 2025, Yunqi Capital Limited, which controls around 5.1% of STAAR’s stock, publicly opposed the merger in correspondence to shareholders. This reflected broader apprehensions among significant investors regarding the terms of the deal and the future trajectory of the company under Alcon ownership.
The merger discussions originally began in August 2025, when Alcon agreed to acquire STAAR Surgical, a manufacturer specializing in the implantable collamer lens technology, for an equity valuation close to $1.5 billion. Subsequent negotiations led to an amended purchase price of $30.75 per STAAR share in cash, reflecting an incremental valuation increase of approximately $150 million, bringing the total equity value close to $1.6 billion.
Following the shareholder rejection announcement, market reactions were swift for both companies. STAAR Surgical’s stock price declined by approximately 12.20%, settling near $21.02 per share. In contrast, shares of Alcon experienced a modest rise, increasing roughly 1.20% to around $81.62, according to real-time data from Benzinga Pro at the time of publication on Tuesday.
With the merger agreement expected to be terminated, STAAR’s leadership appears committed to reinforcing the company's independent strategic pillars. Key initiatives include driving profitable expansion through its product offerings and enhancing operational efficiencies to maximize shareholder value. Moreover, the firm is focused on aggressively increasing global adoption of its EVO ICL technology, positioning it as a foundational element for sustained growth.
This development highlights the divided perspectives among major shareholders concerning the merits of the acquisition offer against the prospects of continuing independently. It remains to be seen how STAAR will navigate evolving competitive dynamics in the ophthalmic device market and execute on its growth ambitions ahead.