Yahoo Finance·2026-01-16 10:00Group 1 - Broadwood Partners has acquired a 31% stake in STAAR Surgical and initiated a proxy battle, which resulted in STAAR shareholders rejecting Alcon's $1.6 billion takeover offer [3][8] - Following the rejection of Alcon's offer, STAAR and Broadwood reached a cooperation agreement that includes board changes, with STAAR agreeing to accept the resignations of CEO Stephen Farrell and chair Elizabeth Yeu [4][5][8] - The cooperation agreement allows Broadwood to potentially receive up to $6 million from STAAR and includes a commitment from both parties not to disparage each other, which aims to reduce distractions for the company [6][7] Group 2 - As part of the board reshaping, STAAR will increase its board size and support the nominations of three new directors, including Broadwood's president and executive vice president [5][8] - The cooperation agreement has postponed any special meeting to remove STAAR directors until at least June 18, 2024, which is the first anniversary of STAAR's 2025 annual meeting [4][6] - The focus will now shift to finding a new CEO and developing a strategy for STAAR as an independent entity [7]