Company: STAA
Filing Date: 2025-09-29
Form Type: DFAN14A
Source: 0001213900-25-093211
Chunk: 10

Company: STAAR SURGICAL CO
Filing Date: 2025-09-29
Form: DFAN14A
Chunk 10
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 VOTE CONTACT

Exhibit 3

Exclusive: Shareholder revolt threatens Alcon’s takeover of STAAR Surgical

| Author: Luke Juricic | Stock Markets

Published 09/11/2025, 11:49 AM

Investing.com -- The pending sale of STAAR Surgical Company (NASDAQ:STAA) to Alcon Inc. (NYSE:ALC) has taken an unusual turn. In April 2024, the implantable lens maker rejected a $58-per-share takeover bid from Alcon. Months later, the companies were discussing a slightly lower $55-per-share offer with a $7 contingent value right (CVR), which Alcon later withdrew. After a year of collapsing sales in China and a battered share price, STAAR agreed to merge into Alcon for just $28 per share, nearly half of its earlier valuation. This has prompted investors to ask serious questions and seek honest answers.

Broadwood Pushes Back

Last Tuesday, September 2, Broadwood Partners, STAAR’s largest shareholder with a 27.3% stake built over a 30-year period, came out swinging against the deal. In a press release laced with frustration, the hedge fund accused STAAR’s board of running an inadequate sale process with no “meaningful market check” and urged fellow shareholders to vote against the deal.

The fight may not be over. In STAAR’s proxy filing, the company disclosed that a female board member had been approached by two unnamed parties, called Party A and Party B, shortly before the deal was signed. The parties were described as “a private equity firm with economic interests in a portfolio company in China” and a “healthcare investment platform.” Both engaged in preliminary talks with CEO Stephen Farrell on August 3, but STAAR claims neither outreach included valuation or financing terms. The board gave them just one day to submit an offer before signing the Alcon agreement on August 4.

A person familiar with the matter told Investing.com that several additional parties have expressed interest since Broadwood’s press release, raising the possibility of a rival bid as STAAR’s “window-shop” period is set to expire on September 19.

The “window-shop” period ending doesn’t mean STAAR can’t accept another offer that comes to the table, but it is subject to nearly quadruple the fees payable to Alcon if it does so.

A Compressed Timeline and a Narrow Process

Adding to the controversy is the fact that STAAR’s financial advisor, Citigroup, did