Activist Jana Partners Pushes Cooper Companies for Strategic Review Amid Stock Slump
Jana Partners has taken a stake in Cooper Companies (COO) and is advocating for a strategic overhaul to revive the underperforming stock. The activist investor is pushing for a potential deal between Cooper's contact-lens division, CooperVision, and Bausch + Lomb (BLCO), arguing the current dual-business structure dilutes shareholder value.
Cooper's shares have tumbled more than 20% this year, leaving the $14 billion company vulnerable to activist pressure. Jana contends the medical device maker's disparate businesses—contact lenses and women's health products—are better suited as separate entities. Bausch + Lomb CEO Brent Saunders has already expressed openness to combining contact-lens operations, suggesting industry consolidation could create a stronger market player.
The campaign highlights growing scrutiny of underperforming healthcare stocks as investors seek to unlock value through spinoffs and operational focus. Cooper now faces mounting pressure to review its capital allocation and corporate structure amid declining market confidence.
