Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 29

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 29
---
 A or Party B – who also seemingly had, and continue to have, an interest in owning STAAR ▪ The fact that Alcon was insisting on a rushed and truncated process should have been a sign that even Alcon recognized that other parties, if given appropriate access and time, would be interested “[T]here was unlikely to be a third party who would be able or willing to provide greater value for STAAR’s stockholders on a timeline similar to the timeline Alcon was prepared to pursue…” 2 1. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 41. 2. Source: Id . at 42.

Broadwood Partners, L.P. Transactions Announced Since 2000 with Go - Shop or Window Shop Provision 1 A “Window Shop” Period Is Not a Substitute for a Fulsome Process 40 1 Go - shop and window shop provisions almost never lead to an alternative bid ▪ In the Company’s proxy statement, the Board touts the Merger Agreement’s “window shop” provision as a reason for supporting the transaction 2 ▪ However, “window shop” provisions rarely result in superior alternative bids — “Window shop” provisions do not allow boards to actively solicit alternative bids, but merely respond to unsolicited interest and recommend a superior proposal — Of more than 350 transactions with go - shop or window shop provisions over the last 25 years, just 12 have resulted in a competing bidder making an offer for the target after the merger agreement was executed 1 — Most of these 12 were full “go - shop” provisions in which the company was enabled to reach out proactively to third parties — We are therefore not surprised that no alternative buyers emerged to challenge Alcon’s signed deal ▪ Given the historical evidence that “window shop” provisions do not yield alternative proposals, the Board should have insisted that Citi conduct outreach 1. Source: Deal Point Data. Data includes all transactions announced between January 1, 2000 and September 15, 2025 that include d e ither a “go - shop” provision or a “hybrid go - shop” (i.e., “window shop”) provision. 2. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 49. 12 368 Competing Bid During Go-Shop / Window Shop Period No Competing Bid During