Broadwood Partners, Staar’s Surgical Co.’s largest investor, today announced that a third proxy advisory firm is recommending shareholders to vote against the $1.5 billion sale to Alcon.
Institutional Shareholder Services Inc. joins Glass, Lewis & Co. and Egan-Jones Ratings Company in opposing the acquisition.
Broadwood said that in addition to these firms, shareholders representing more than 34% of Staar’s shares including Yunqi Capital, have publicly announced their intention to vote against the deal.
The shareholder meeting to vote on the acquisition is scheduled for Oct. 23.
Shares in Staar fell 4.3% to $25.93 and a $1.2 billion market cap.
See the Business Journal’s Oct. 27 issue for more information.Â
