Company: STAA
Filing Date: 2025-11-19
Form Type: DFAN14A
Source: 0001213900-25-112688
Chunk: 4

Company: STAAR SURGICAL CO
Filing Date: 2025-11-19
Form: DFAN14A
Chunk 4
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 supplemental proxy materials filed ahead of the company’s December 19 shareholder vote, STAAR said that one director dissented during the board’s approval of amendments to the merger agreement. The dissenting director argued that certain shareholders had already voiced concerns about the deal and the proposed go-shop provision, and expressed worry that the revised terms could “disincentivize” potential alternative bidders from participating in the process.

A source familiar with STAAR’s thinking told Investing.com that the dissent “reflects the board’s commitment to robust debate,” adding that the decision by the other five directors to approve the amendments despite not securing a higher bid shows the board is “flexible and open-minded in achieving its goal of maximizing shareholder value.”

According to the filing, the board had previously taken a firmer position. On October 28, directors reaffirmed that they would not support amendments to the merger terms unless Alcon increased its price. CEO Stephen Farrell was tasked with pursuing a bump, but the supplemental materials show that no improved offer emerged following outreach.

The revised agreement was ultimately approved, conditional on the elimination of a “tail fee” provision, with five directors supporting it and one dissenting.

The transaction has already faced substantial resistance. Ahead of the original October 23 vote, which has since been pushed to December 19, more than one-third of shareholders publicly opposed the deal, and proxy advisors ISS, Glass Lewis, and Egan-Jones all recommended voting against it. Investing.com has previously reported that 72% of outstanding shares voted against the deal ahead of the initial meeting, with only 18% of shares voting for.

Broadwood Partners, holding a 27.5% stake, has led a campaign criticizing the deal on grounds of valuation, executive compensation arrangements, and sale process. Yunqi Partners, a 5.1% shareholder, has also been outspokenly against the deal.

Additionally, STAAR has come under fire for alleged conflicts of interest among its directors, with Broadwood calling for the removal of three board members. Whether the newly disclosed dissent within the board will be viewed by investors as a sign of good-faith governance, or simply further evidence of a divided process, remains unclear.

The company has defended the deal, highlighting the 59% premium to its 90-day VWAP and saying that the offer provides certainty amid slowing demand in its largest market, China. STAAR also has also argued that, before the deal was agreed, no other party had submitted a formal proposal.

The latest filing, which details board-level