Company: STAA
Filing Date: 2025-09-29
Form Type: DFAN14A
Source: 0001213900-25-093211
Chunk: 17

Company: STAAR SURGICAL CO
Filing Date: 2025-09-29
Form: DFAN14A
Chunk 17
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acquisition of Staar Surgical (Nasdaq:STAA) by Alcon (NYSE: ALC)+.

In August, Alcon announced that it agreed to acquire Staar in
a deal with an equity value of approximately $1.5 billion. With the acquisition, Alcon would bring in the Staar family of Evo Implantable
Collamer lenses (ICLs). These lenses offer vision correction for patients with moderate-to-high myopia (nearsightedness), with or without
astigmatism.

However, Broadwood Partners, Staar’s largest shareholder, now
says it opposes the deal. Broadwood owns 27.3% of Staar’s outstanding common shares and has been the company’s largest shareholder
since 2007. In a news release, Broadwood said it has provided capital to the company on numerous occasions, too.

“Broadwood continues to believe in the superiority of STAAR’s
proprietary technology, its large global growth potential, and its ability to again become a highly profitable company,” the investment
firm said in a statement.

Why Broadwood opposes the Alcon – Staar Surgical deal

The firm said that, after reviewing the preliminary merger proxy statement
filed by Staar last Friday, and evaluating the history of negotiations disclosed in the deal’s preliminary proxy, it believes the
transaction “suffers from multiple process and valuation deficiencies.”

Broadwood expressed disappointment in choices made by Staar’s
board under the influence of current advisors. It believes the company failed to pursue an adequate sale process. Additionally, Broadwood
said its demand for books and records has not resulted in the production of any documents after 24 days.

According to Broadwood, Alcon originally offered $55 per share and
a $7 contingent value right for Staar in 2024. That price registers high above the accepted offer ($28 per share) last month. Alcon withdrew
its original offer shortly before Staar reported inventory management challenges, the firm said. Staar addressed those challenges, Broadwood
said, and now the firm cites concerns that stockholders are “being asked to accept inferior terms” as a result.

Other issues for Broadwood include the lack of a “meaningful
market check.” The firm said two additional parties expressed interest in a potential transaction, but claims neither received sufficient
time to submit a proposal. Alternatives could have led to the acquisition of Staar at a higher value or other options.

Broadwood also said the deal closing before the release