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HONG KONG - Yunqi Capital, a 5.1% shareholder in STAAR Surgical Company (NASDAQ:STAA), has publicly criticized the company’s decision to postpone its special stockholder meeting to December 3, 2025, regarding the proposed acquisition by Alcon Inc. (SIX/NYSE:ALC). According to InvestingPro data, Alcon, with its $36.88 billion market cap, is currently trading near its 52-week low at $74.50, down nearly 24% over the past six months.
In a letter to STAAR’s board released Friday, Yunqi Capital expressed "deep concern" over the postponement, suggesting the board is attempting to salvage a transaction that shareholders have already rejected. According to media reports cited by Yunqi, approximately 72% of STAAR’s outstanding shares had voted against the merger ahead of the originally scheduled October 23 meeting.
The investment firm noted that all three major proxy advisory firms—ISS, Glass Lewis, and Egan-Jones—have recommended voting against the proposed transaction.
"The Board’s role is to act in the best interests of shareholders. Rather than respecting the overwhelmingly and clearly expressed will of the shareholder base, the Board appears to be prolonging a process that lacks shareholder support and is no longer viable," wrote Christopher Wang, Founder and Chief Investment Officer of Yunqi Capital.
The letter also indicated that despite renewed discussions between STAAR and Alcon in mid-October, no improved terms have been disclosed to shareholders. As of October 24, Alcon had reportedly provided no commitment to increasing the consideration offered. InvestingPro analysis shows Alcon is trading at a high P/E ratio of 34.35, which may impact its ability to improve acquisition terms. Investors should note Alcon will report earnings on November 12, which could influence the acquisition dynamics.
Wang offered to serve on STAAR’s board to provide "shareholder perspective" and urged the company to allow the proposed transaction to be terminated in accordance with shareholder wishes.
Yunqi Capital is a Hong Kong-based investment manager with over $250 million in assets under management, according to the press release statement.
In other recent news, STAAR Surgical Company announced the postponement of its Special Meeting of Stockholders regarding the proposed merger with Alcon. Originally rescheduled for November 6, the meeting will now take place on December 3, 2025, due to ongoing discussions between the two companies. This delay has drawn criticism from Broadwood Partners, a major shareholder with a 27.5% stake in STAAR, which plans to seek the removal of three board members, citing dissatisfaction with the board’s decision to postpone the vote. In addition, Yunqi Capital Limited, holding a 5.1% stake in STAAR, has reiterated its opposition to the merger, urging the board to stick to the original voting schedule. Meanwhile, KeyBanc has adjusted its price target for Alcon to $91 from $98, maintaining an Overweight rating, citing lower industry multiples as the reason for the revision. These developments highlight the ongoing complexities surrounding the merger agreement between STAAR and Alcon.
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