STAAR Surgical holders should vote against sale to Alcon, Glass Lewis says

[Documents about mergers and acquisitions m&a with a pen.]
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STAAR Surgical Co. (NASDAQ:STAA [https://seekingalpha.com/symbol/STAA]) shareholders should vote against its sale to Alcon (NYSE:ALC [https://seekingalpha.com/symbol/ALC]), proxy adviser Glass Lewis recommended.

Broadwood Partners, the largest holder of STAAR Surgical (NASDAQ:STAA [https://seekingalpha.com/symbol/STAA]), announced the proxy adviser's recommendation in a press release [https://seekingalpha.com/pr/20259396-broadwood-partners-leading-advisory-firm-glass-lewis-urges-staar-shareholders-to-vote-against]on Wednesday. Broadwood Partners has come out against [https://seekingalpha.com/news/4491272-staar-surgical-largest-holder-oppose-alcon-bid]the $1.5 billion sale of the implantable lens maker on several occasions.

“Glass Lewis’s recommendation and findings underscore our strong belief that STAAR conducted a highly questionable sale process that resulted in an ill-timed deal that significantly undervalues the Company and its compelling prospects," Neal C. Bradsher, Broadwood Founder and President said in the statement. "We are confident that better alternatives exist than this deeply flawed and short-sighted transaction."

Shareholders representing more than 34% of STAAR’s outstanding common shares – including Yunqi Capital, Defender Capital, CalSTRS, and former STAAR CEO David Bailey – have already made public their opposition to the proposed deal.

“Investors would be better served scuppering the current arrangement in favor of either a full process reset or … the unadulterated pursuit of the Company's standalone potential," Glass Lewis wrote in its recommendation, according to Broadwood.

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