STAAR Opens 30-Day Window To Seek Higher Bids Than Alcon Deal

(RTTNews) - STAAR Surgical Company (STAA) on Friday announced that it has amended its merger agreement with Alcon (ALC) to launch a 30-day go-shop period through December 6, allowing the company to actively intake alternative takeover proposals.

The updated terms make the process more transparent for prospective buyers by removing Alcon's matching rights, restricting the disclosure of rival bids, and doing away with any termination fees in the event that STAAR accepts a better offer.

According to CEO Stephen Farrell, the move invites updated valuations based on STAAR's most recent results in an effort to maximize stockholder value.

The Alcon merger shareholder vote has been rescheduled for December 19.

STAA is currently trading at $25.60 down $1.03 or 3.87 percent on the Nasdaq.