Activist investor Jana Partners has reportedly taken a stake in The Cooper Companies (NASDAQ:COO) and is pressing the medical-device maker to evaluate strategic alternatives, including a potential merger between its contact-lens division and Bausch + Lomb (NYSE:BLCO).

CooperCompanies approved a $1 billion increase in its share repurchase program to $2 billion in September.

Citing people familiar with the matter, the Wall Street Journal reported that Jana's campaign centers on unlocking shareholder value by improving capital allocation, enhancing returns, and possibly separating Cooper's two distinct business segments.

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Jana told WSJ the company's contact-lens and women's health units lack synergies and have failed to deliver meaningful shareholder gains.

Bausch + Lomb ...