Steals
Bad and blah deals
October 4, 2025
Disclaimer / Disclosure long AL, LNSR, and STAA
I hope and expect to get at least one or two bumps from this list. While we could also get at least one or two deal breaks, they are likely to be fairly benign as these deal premiums appear to be smaller than justified.
December 9, 2025
At least one secured:
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.