Broadwood buys more shares of Staar, will oppose any acquisition priced below current market value

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Broadwood Partners, LP increased its stake in Staar Surgical Co. to 14.7% from 11% with the purchase of 395,373 additional shares.

The shares were priced from $2.63 to $2.99 each and were purchased between Nov. 13 and Nov. 28, according to a schedule 13D filing with the Securities and Exchange Commission.

Broadwood has been and may continue to be in contact with Staar's management, its board of directors and other significant shareholders regarding alternatives that the company could consider to improve shareholder value, the filing stated.

Broadwood is opposed to any proposed acquisition of Staar at a price that "does not represent a very large premium to its current market value."

In addition, Broadwood said it will "closely monitor the substantial and ongoing improvement" in Staar's business results following implementation of the governance reforms the investor requested in April 2005.

The reporting persons beneficially own 4,325,288 shares of the Monrovia, Calif., ophthalmic products company's outstanding stock.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.