Company: STAA
Filing Date: 2025-12-11
Form Type: DFAN14A
Source: 0001213900-25-120777
Chunk: 22

Company: STAAR SURGICAL CO
Filing Date: 2025-12-11
Form: DFAN14A
Chunk 22
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 admission that the originally proposed price was far too low ▪ In our view, the revised offer price continues to meaningfully undervalue STAAR and represents a substantial discount to intrinsic value ▪ Last year, Alcon offered to pay approximately twice as much for STAAR, 1 demonstrating STAAR’s strategic value to Alcon ▪ STAAR’s long - term prospects have not materially changed since then, based on management’s own projections ▪ Additionally, peer multiples have expanded over the last three months, supporting a higher valuation ▪ The revised deal price remains anchored to a depressed valuation that reflects extreme market pessimism, which has been invalidated by STAAR’s strong results for the last two quarters ▪ We are more confident than ever that STAAR can deliver value to stockholders far in excess of even the revised deal price ▪ The original agreement with Alcon was the result of a hasty and limited process during which neither STAAR nor its advisors performed any outreach ▪ Two potential counterparties that proactively contacted STAAR were given short shrift as the Board rushed to finalize an agreement with Alcon, while another party’s interest was completely ignored and withheld from most of the Board ▪ The performative go - shop was flawed and does not cure the litany of procedural failures and missteps — Alcon retained matching rights and other advantages over would - be bidders that kept the process tilted in its favor — Credible interested parties were seemingly intentionally discouraged from advancing proposals — The go - shop process was overseen by the same directors with deep and longstanding ties to Alcon, misaligned financial incentives and insufficient M&A experience ▪ We were encouraged that one of STAAR’s directors likewise recognizes the flaws in this transaction and voted against the deal in the boardroom vote ▪ In our view, there is no need to sell the Company now, as fundamental performance has been on the upswing ▪ There are encouraging signs that STAAR’s challenges are abating: the Company’s inventory issues in China have been resolved, and management is forecasting a return to growth and profitability beginning in 2026 1 ▪ STAAR has ample cash, robust demand, new products ready to be launched, and cost savings opportunities to drive future profitability; if management’s projections are achieved, STAAR will become one of the most profitable medical technology companies in the world ▪ Two consecutive quarters of improving financial results that exceeded consensus estimates indicate that the Company is on a path toward achieving management’s forecasts, while peer multiple expansion provides a further tailwind �