Broadwood Partners Targets STAAR Surgical (STAA) Over Flawed Sale Process and Undervalued Alcon Offer

Broadwood Partners’ supplemental presentation argues that Alcon’s proposed acquisition of STAAR Surgical should be rejected because it is the wrong time, wrong process, and wrong price. Broadwood contends STAAR’s fundamentals are improving, with inventory issues in China resolved, growth and profitability expected to resume from 2026, and recent quarters beating expectations. It criticizes the board’s rushed and conflicted sale process, including limited outreach, a flawed go-shop, and reliance on outdated and pessimistic projections. Finally, Broadwood asserts the revised $30.75 offer materially undervalues STAAR relative to intrinsic value, peer multiples, historical prices, and Alcon’s own prior offers, urging shareholders to vote against the transaction.