Benzinga·2025-12-10 17:53Core Viewpoint - Yunqi Capital Limited, holding a 5.1% stake in STAAR Surgical Company, has expressed strong opposition to Alcon Inc.'s revised acquisition offer of $30.75 per share, emphasizing that the sale process has been mishandled and does not maximize shareholder value [2][5][4]. Group 1: Acquisition Details - Alcon agreed to acquire STAAR Surgical for a total equity value of approximately $1.5 billion, which was later amended to $30.75 per share, raising the total equity value to approximately $1.6 billion [3]. - The revised purchase price represents an additional approximately $150 million in equity value for STAAR's stock [3]. Group 2: Shareholder Concerns - Broadwood Partners, owning a 30.2% stake in STAAR, criticized the sale process, stating that the new price is still roughly half of what Alcon offered in 2024, despite STAAR's projections remaining unchanged [4]. - Yunqi Capital believes it is not the right time to sell the company and argues that the sale process has been structured to favor Alcon, lacking transparency and failing to attract competitive bidders [5][6]. Group 3: Process Issues - The 30-day go-shop period was deemed too short for a credible market check for a global medical device company, with provisions that discouraged alternative buyers [6]. - STAAR reportedly contacted 21 parties, but Yunqi Capital claims the pool of potential buyers is significantly larger, indicating that the process may have deterred additional bidders [7]. Group 4: Market Performance - STAAR Surgical shares were down 5.65% at $23.95 at the time of publication, reflecting market concerns regarding the acquisition and the company's future prospects [8].