Company: STAA
Filing Date: 2025-10-09
Form Type: DFAN14A
Source: 0001213900-25-097833
Chunk: 17

Company: STAAR SURGICAL CO
Filing Date: 2025-10-09
Form: DFAN14A
Chunk 17
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pointing out that despite rumors of a sale, no parties launched a formal offer in the months leading up to the deal.

STAAR’s rebuttal: premium, certainty, and de-risking

STAAR’s board has strongly rejected Broadwood’s
accusations, calling them “flawed, misleading, and misinformed.” The company argues the Alcon transaction delivers a compelling
and certain cash premium of 59% to the 90-day volume-weighted average price (VWAP) and 51% to the last close before announcement.

In a new release issued Wednesday, STAAR said
Broadwood’s campaign is “driven by self-interest” and warned that rejecting the merger could send shares back toward
their pre-deal level near $18 per share. The company reiterated that the transaction provides “immediate and certain value”
at a time when STAAR faces “ongoing volatility, uncertain macroeconomic conditions, and significant competitive and regulatory pressures.”

On timing, STAAR maintains that the
merger decision followed an extensive, year-long strategic review overseen by independent directors. The company says the board evaluated
multiple alternatives, including a standalone plan and potential partnerships, before determining that Alcon’s all-cash offer was
the best available option in light of softening demand in Asia and near-term profitability challenges.

<div align='center'>Exhibit 3-2</div>

On process, STAAR said its review
was “robust and thorough,” including a 45-day post-signing “window shop” period that allowed other bidders to
emerge. “No alternative proposals were received,” the company emphasized, saying that outcome confirms Alcon’s bid represents
the highest and best value reasonably attainable.

On conflicts, STAAR has defended its
directors and advisors, saying claims of bias or improper influence are “completely unfounded.” The company said Chair Dr.
Elizabeth Yeu’s previous consulting relationship with Alcon was modest, disclosed, and ended months before merger discussions resumed.
It added that the board determined Yeu had no interest impairing her independent judgment before voting unanimously to approve the deal.

On valuation, STAAR rejected Broadwood’s
claim that Citi’s fairness opinion used improper assumptions, saying the analysis reflected “realistic market risks and current
business conditions.” The company accused Broadwood of inflating its own estimates and relying on “rosy growth assumptions”
disconnected from actual sales trends. “Our board chose a disciplined, fact-based approach grounded in market