Company: STAA
Filing Date: 2025-09-24
Form Type: DFAN14A
Source: 0001213900-25-091197
Chunk: 29

Company: STAAR SURGICAL CO
Filing Date: 2025-09-24
Form: DFAN14A
Chunk 29
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holders Significantly
Undervalues the Company

Third, the Proposed Merger significantly undervalues the Company and
gives Alcon the ability to capture that upside without paying a meaningful premium. For the past year, the Company’s stock has traded
below its intrinsic value, in our view, because of transitory issues with inventory in China, which is in the course of being resolved.
In support of that view, the Company’s second quarter financial results and Quarterly Report on Form 10-Q—released just a
day after the Proposed Merger was announced—reflected a decline of the inventory challenges the Company faced in 2024 and early
2025. The Company also reported a significant reduction in its expenses and has significant cost efficiency potential to be further implemented
without material revenue impact. This suggests, in our view, that the Company is well on its way to returning to substantial profitability.
Further, while the Board touts that the Proposed Merger price of $28 per share represents a premium of approximately 59% and 51% to the
90-day volume weighted average price and closing price, respectively, of the Company’s common stock at the time the Merger Agreement
was announced on August 4, 2025, the Board has failed to note that the offer price of $28 per share represents a discount of approximately
26% to the 52-week high price at the time the Merger Agreement was announced on August 4, 2025 and approximately a 49% discount to Alcon’s
original offer price of $55 per share in cash in October 2024.

In conclusion, while we are not necessarily opposed to supporting an
acquisition of STAAR by a third party, including Alcon, at an appropriate price or on other appropriate terms, we remain open to a range
of potential outcomes, including continued ownership of STAAR as an independent company for the foreseeable future. We believe STAAR’s
superior and proprietary technology, as well as its global scale, position the Company to take a significant portion of the fast-growing
refractive surgery market, become an even more profitable enterprise and, ultimately, deliver upon its vision to be the first choice for
surgeons and patients seeking visual freedom from glasses and contact lenses. In our view, there is no compelling reason to sell STAAR
at this underwhelming price.

Unless the terms are revised to address what we believe to be inadequate
consideration, we intend to vote against the Proposed Merger and will