STAAR Surgical holders should vote against sale to Alcon, ISS says (update)

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UPDATE 3:20PM: Adds further details from ISS recommendation.STAAR Surgical (NASDAQ:STAA [https://seekingalpha.com/symbol/STAA]) holders should vote against Alcon's (ALC [https://seekingalpha.com/symbol/ALC]) planned $1.5 billion purchase of the implantable lens maker, proxy adviser ISS recommended.

ISS identified multiple “deficiencies, disconnects, and uncertainties” with the deal and said it is “difficult to identify a compelling reason” for shareholders to support the transaction, according to a statement [https://seekingalpha.com/pr/20267551-broadwood-partners-all-three-leading-proxy-advisory-firms-recommend-staar-surgical]on Wednesday from Broadwood Partners, the largest holder of STAA, which has voiced its opposition to the deal.

The recommendation comes after fellow proxy firm Glass Lewis last week also recommended shareholders vote against the transaction. [https://seekingalpha.com/news/4502718-staar-surgical-holders-should-vote-against-sale-to-alcon-glass-lewis-says]A vote on the deal is set for Oct. 23.

Several large holders, including Broadwood Partners, STAAR Surgical's biggest holder with a ~27% stake, have come out against the deal, publicly saying they plan to vote against it. [https://seekingalpha.com/news/4491272-staar-surgical-largest-holder-oppose-alcon-bid]

News of the ISS recommendation was earlier reported by Reuters.

Shares of STAAR Surgical fell 5%, while Alcon rose 0.6%.

MORE ON STAAR SURGICAL

* STAAR Surgical: Takeover Offer Comes At A Significant Premium [https://seekingalpha.com/article/4808674-staar-surgical-takeover-offer-comes-at-a-significant-premium]
* STAAR Surgical holders should vote against sale to Alcon, Glass Lewis says [https://seekingalpha.com/news/4502718-staar-surgical-holders-should-vote-against-sale-to-alcon-glass-lewis-says]
* Key deals this week: STAAR Surgical, Pfizer, DB Insurance, Strive, Rocket Lab and more [https://seekingalpha.com/news/4499663-key-deals-this-week-staar-surgical-pfizer-db-insurance-strive-rocket-lab-and-more]
* Seeking Alpha’s Quant Rating on STAAR Surgical [https://seekingalpha.com/symbol/STAA/ratings/quant-ratings]
* Historical earnings data for STAAR Surgical [https://seekingalpha.com/symbol/STAA/earnings]