A $1.6 billion deal just fell apart because the people who actually own the company said no. STAAR Surgical was supposed to be bought by Alcon, a giant eye care company. But when shareholders voted on January 6, 2026, they rejected the offer. By evening, Alcon walked away entirely.
Shareholders voted down Alcon’s $1.6 billion offer for STAAR Surgical, killing the deal in a single day.
The drama started back in August when Alcon first offered $1.5 billion for STAAR. The price was $28 per share. Many shareholders thought that was too low. Alcon tried sweetening the deal in December by raising the offer to $1.6 billion, or $30.75 per share. Still not enough, apparently. The outcome highlights how major investors can protect their interests through shareholder voting and engagement.
Leading the charge against the merger was Broadwood Partners. This investment firm owns a massive 30.2% of STAAR’s stock. That’s nearly one-third of the entire company. Broadwood argued the price undervalued STAAR and launched a proxy battle to block the deal. They even tried removing three directors, including the CEO. Their campaign worked.
When preliminary vote results came out at 8:47 a.m. on January 6, the numbers were clear: not enough votes to approve. No drama about close margins or recounts. The deal was dead. Alcon terminated the agreement that same evening. Nobody owes termination fees, so both companies walked away clean.
The market reacted swiftly. STAAR’s stock plunged over 12% to $20.92. Investors who bet on the merger happening suddenly faced reality. Alcon’s stock barely moved, dropping just 0.49% to $80.62. With a market cap around $39.87 billion, this failed deal barely registers as a blip for them.
Now STAAR operates as a standalone company again. CEO Stephen Farrell outlined the path forward: focus on profitable growth, improve operations, and expand their EVO ICL product globally. This eye lens technology remains their crown jewel. STAAR also announced short-term priorities including driving efficiencies through its distribution network. The original August offer represented a 59% premium to STAAR’s 90-day volume-weighted average price.
Broadwood’s Neal Bradsher expressed confidence in STAAR’s future without Alcon. Analysts like BTIG’s Ryan Zimmerman think Alcon will move on to other opportunities rather than make another offer.
Sometimes the biggest shareholders have the final word, regardless of what management negotiates. This merger proved that point decisively.
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