Company: STAA
Filing Date: 2025-11-03
Form Type: DFAN14A
Source: 0001213900-25-105253
Chunk: 9

Company: STAAR SURGICAL CO
Filing Date: 2025-11-03
Form: DFAN14A
Chunk 9
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 calling for the merger’s termination amid the special meeting’s postponement. The Hong Kong-based investment manager
emphasized that “shareholders have already decided the vote,” and that STAAR’s discussions with Alcon have offered, “no
indication of actual progress in the way of improved terms.”

“We respectfully request that the Board allow the proposed transaction
with Alcon to be terminated in accordance with the direction already expressed by shareholders, and that STAAR move forward on a path
to realize the significant value we believe the Company is capable of achieving,” the firm’s CIO, Christopher Wang, concluded
in the letter.

STAAR shares rose as much as 6% earlier in the
week amid speculation that Alcon could return with a higher bid. The rally followed analyst commentary suggesting ongoing negotiations
between the two sides. The stock has since pared gains, down about 2.1% in afternoon trading Friday, leading to a loss of 1.1% on the
week.

In an October 27 note, Piper Sandler analyst Adam Maeder wrote that
the delayed shareholder vote “suggests to us that the two parties may be discussing the potential to amend deal terms, including
the offer price.” He added that Alcon’s current $28-per-share offer implies roughly 4x 2026 consensus revenue for STAAR —
“a reasonable multiple for an asset that is expected to grow at a +10% CAGR from 2026-2030, according to the proxy.” Maeder
said he does not expect Alcon “to come back with a materially higher bid,” though he acknowledged that “there has been
significant shareholder opposition to the current proposal” and uncertainty remains over what price would satisfy investors.

If STAAR and Alcon cannot agree to revised terms, the high-profile
sale may collapse entirely when shareholders reconvene in December.

Both STAAR Surgical and Broadwood Partners declined to comment on the
matter.