BTIG sees ‘limited reason to want to own’ Staar Surgical until clarity emerges

After Staar Surgical (STAA) investors voted against the Alcon (ALC) transaction following a prolonged sales process that included an additional “go-shop” period and an incremental $2.75 per share offer increase, BTIG contends that Alcon could still put in another tender offer after a very contentious proxy battle, but thinks the company is more likely to move on to focus on its other products and existing markets. With shares trading down following the vote, the firm thinks Staar shares are unlikely to see much, if any bid, as it contends that “investors have limited reason to want to own STAA until clarity on the company emerges.” BTIG has a Neutral rating on Staar, which is down about 12% to $21.10 near the open.