Steal
Bad deal
December 9, 2025
Alcon bumped its deal with STAAR from $28 to $30.75 per share in cash, ~$150 million more for stockholders. The deal has an equity value of ~$1.6 billion, a 74% premium to the STAAR 90-day VWAP and 66% premium to the August 4, 205 close. I love the dynamics of a willing buyer and unified target shareholder opposition. The private market bid and the ask of the relevant holders were both above the market price.
May 14, 2026
This was a rare case of a bad deal getting voted down. I’m not against selling, just against selling for a low price. Alcon (ALC) was able to secure antitrust approval but not shareholder approval. So there is a private market bid of $30.75 with a higher ask. A buyer could get shareholder approval for a deal priced closer to ~$40 per share.