Company: STAA
Filing Date: 2025-12-11
Form Type: DFAN14A
Source: 0001213900-25-120777
Chunk: 11

Company: STAAR SURGICAL CO
Filing Date: 2025-12-11
Form: DFAN14A
Chunk 11
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 rushed to finalize an agreement with Alcon before revealing the Company’s strong second - quarter financial results. Worse yet, a credible strategic party from Europe was completely ignored by STAAR’s CEO and Board Chair, who also deliberately withheld the expression of interest from the rest of the Board and shareholders “[The] lack of any competing proposals validates the Board’s conclusion that there are no other buyers ” 1 Initial Interest in STAAR STAAR Has Made Progress and Its Future Remains Bright. STAAR has ample cash, robust demand, new products ready to be launched, and cost savings opportunities to drive future profitability. If management’s own projections are achieved, STAAR will achieve double - digit revenue growth and become one of the most profitable medical technology companies in the world, and two consecutive quarters of improving financial results indicate that the Company is on a path toward achieving those targets “ STAAR faces sustained challenges as a standalone company , and management projections do not signal a return to historical growth rates or profitability” 1 STAAR’s Recent Progress and Long - Term Opportunities Headwinds in China Are Diminishing. STAAR’s inventory issues in China have been resolved, and according to Yunqi Capital, demand indicators in China’s refractive market have begun to improve; Yunqi believes that STAAR’s challenges in China are transitory, not structural, and we agree “ STAAR has overweight exposure to China, where growth has slowed and macroeconomic conditions, new market entrants, and the resulting potential for pricing pressure are creating greater risks and headwinds” 1 STAAR’s Business in China Alcon Retained Its Matching Rights. Under the merger agreement, Alcon had matching rights for four days immediately following the go - shop period and also retained the right to receive notice of any superior proposals and to all critical information regarding those proposals, as well as the opportunity to match or otherwise submit an improved bid “ Alcon has agreed to give up [its] matching rights … [and has] limited information rights” 2 Alcon’s Matching Rights During the Go - Shop Another Party Expressed Interest During the Go - Shop Period. STAAR’s December 8 press release and December 10 proxy supplement fail to mention that a third party with significant capital and industry expertise expressed strong interest in acquiring STAAR at a price higher than the Alcon bid but was told it had to sign a multi - year standstill to be granted access to diligence materials “ [O] nly two parties showed interest to take the first step of executing a non - disclosure agreement [