Company: STAA
Filing Date: 2025-09-29
Form Type: DFAN14A
Source: 0001213900-25-093211
Chunk: 18

Company: STAAR SURGICAL CO
Filing Date: 2025-09-29
Form: DFAN14A
Chunk 18
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 of Staar’s
second-quarter financial results led to a price for Alcon that failed to reflect the company’s improved fundamentals. It says Alcon
“swooped in at a low price” after backing away from its original offer due to issues Staar eventually amended.

“Given time, Broadwood believes that STAAR could have quickly
returned to significant revenue growth and substantial profitability, and then conducted a robust sale process—the likely result
of which would have been either a much higher bid from Alcon or success in pursuing any of a number of other paths that would realize
higher shareholder value.

Broadwood also claims clinical trial results impacted the deal

Finally, the firm says soon-to-be-published clinical trial results
influenced Alcon’s plans with Staar. According to Broadwood, the trial compares Alcon’s Lasik platform with the Staar Evo
ICL.

When announcing the deal, Alcon referred to Evo ICL as a product for
moderate and high myopes. Broadwood claims that Staar and shareholders viewed an opportunity for a market shift away from Lasik, toward
Evo.

The firm cites “a clear misalignment in vision” between
Alcon and the Staar shareholders. It expressed concerns over the timing of the deal, claiming Alcon may have made its play in view of
the expected study publication.

“Broadwood’s serious concerns about the fairness and integrity
of the sales process, in addition to the insufficient merger consideration, lead us to believe that the acquisition is not in the best
interest of Staar’s shareholders,” the firm concluded. “Accordingly, Broadwood intends to vote against the acquisition
and asks the Board to immediately reconsider its recommendation thereof.”

Staar Surgical issues response to Broadwood statement

Following Broadview’s announcement, Staar Surgical issued a statement
of its own:

“The merger with Alcon provides Staar stockholders
with compelling, premium cash value, including a 51% premium to the closing price of Staar common stock on August 4, 2025 (the day prior
to the agreement being announced) and a 59% premium to Staar’s 90-day volume weighted average price (VWAP) as of that date.

We believe the $28 per share cash value provided by the Alcon
agreement exceeds what Staar could achieve on a standalone basis in the foreseeable future, particularly given Staar’s lower growth
rate and the resulting impact on its valuation, and the substantial competitive and macro