Company: STAA
Filing Date: 2025-10-09
Form Type: DFAN14A
Source: 0001213900-25-097833
Chunk: 18

Company: STAAR SURGICAL CO
Filing Date: 2025-10-09
Form: DFAN14A
Chunk 18
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 data,” STAAR
said.

Responding to the Glass Lewis report, STAAR
said it “strongly disagrees” with the proxy advisor’s conclusions, arguing the firm “overlooks key contextual
factors” and “fails to recognize the certainty and strategic logic” of the Alcon merger. The company said Glass Lewis
“mischaracterized the timeline of the sale process” and “ignored the comprehensive analysis conducted by Citi and the
board over twelve months.”

Defender Capital joins the opposition

Adding to the company’s challenges, Defender
Capital, a long-term shareholder with roughly 1.5% ownership, came out against the merger this week. The firm highlighted that STAAR had
rejected Alcon’s $58-per-share bid just 16 months earlier and questioned the rationale for selling now at less than half that price.

“With recent positive projections and outlook
released by management, we see no compelling reason to sell STAAR at this time,” Defender said.

Defender joins Broadwood and Hong Kong–based
Yunqi Capital, which owns about 5% of STAAR and argues that the Alcon bid “materially undervalues” the company’s rebound
potential in China. Yunqi has cited improving macro conditions and inventory normalization as signs STAAR’s downturn was transitory,
not permanent.

On the other side sits Soleus Capital, STAAR’s
second-largest active stockholder with a 6% stake. “Soleus has informed the Board that it is supportive of the merger and intends
to vote in favor absent a material change in circumstances,” STAAR announced in late September.

Glass Lewis: institutional weight

While activist rhetoric can polarize, Glass Lewis’
recommendation injects objective, institutional weight into the opposition. Many large asset managers and index funds align their votes
with Glass Lewis or ISS, meaning the proxy advisor’s stance could directly influence the merger’s fate.

For Broadwood, the endorsement validates months
of pressure. For STAAR, it presents a serious headwind: if ISS follows suit, the merger’s path to approval may narrow dramatically.

STAAR’s core business

Founded in 1982, STAAR Surgical develops and manufactures
implantable collamer lenses (ICLs) used to correct nearsightedness without cutting the cornea. Its flagship EVO ICL franchise controls
roughly 90% of global phakic intraocular lens revenue, shielded by a web of patents covering its proprietary Collamer material, lens designs