Staar Surgical Co. said it plans to terminate its proposed $1.6 billion sale to Alcon Inc. based on preliminary results from today’s shareholder vote.
As a result, Staar will remain a standalone, publicly traded company and continue to trade on the Nasdaq under the ticker symbol “STAA.”
“The Board approved the Alcon agreement because we determined that it was in the best interests of STAAR stockholders,” Chief Executive Stephen Farrell said in a statement.
“We respect the outcome of the vote and look forward to working collaboratively with shareholders to ensure the best possible outcome for STAAR as a stand-alone company.”
Broadwood Partners, Staar’s largest shareholder with a nearly 30.2% stake, has voiced strong opposition to the sale and said that it will “work collaboratively with the Board and our fellow shareholders to implement the necessary changes to enable effective oversight and execution on STAAR’s opportunity to become a highly profitable and scaled enterprise.”
Shares in Staar fell 12% to $21.08 and a $1 billion market cap.
