Activist Investor Seeks Strategic Overhaul At Contact Lens Maker Cooper, Suggests Merger With Bausch + Lomb

Core Viewpoint - Activist investor Jana Partners has acquired a stake in The Cooper Companies and is advocating for strategic alternatives, including a potential merger of its contact-lens division with Bausch + Lomb [1][2] Group 1: Strategic Moves - Jana Partners aims to unlock shareholder value by improving capital allocation and possibly separating Cooper's two distinct business segments [2] - The CEO of Bausch + Lomb has expressed openness to a merger, suggesting it would enhance competition in the global contact-lens market [3][4] Group 2: Financial Performance - CooperCompanies has increased its share repurchase program by $1 billion to a total of $2 billion [1] - CooperVision's third-quarter sales reached $718.4 million, a 6% increase year-over-year, with fourth-quarter sales expected between $700 million and $713 million [7] - CooperSurgical sales rose by 4% to $341.9 million, with fourth-quarter expectations between $350 million and $356 million [8] Group 3: Market Context - Cooper is valued at approximately $14 billion, while Bausch + Lomb has a market capitalization of around $5.3 billion [4][5] - The contact-lens market is competitive, with major players including Cooper, Johnson & Johnson, and Alcon [5]