Company: STAA
Filing Date: 2025-10-06
Form Type: DEFA14A
Source: 0001193125-25-230945
Chunk: 8

Company: STAAR SURGICAL CO
Filing Date: 2025-10-06
Form: DEFA14A
Chunk 8
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“We note that $28/share represents an attractive 30% premium (3.8x) to the mean 2025E EV/Sales multiple of the small cap Med-Tech comp group (2.9x) applied to our 2026E revenue of $335M.” Aug 5, 2025“Alcon will purchase all outstanding shares of STAAR common stock for $28 per share in cash, which represents approximately a 59% premium to STAAR’s 90-day Volume Weighted Average Price (VWAP) and a 51% premium to the closing price of STAAR common stock on August 4, 2025. The transaction represents a total equity value of approximately $1.5 billion (4.7x FY26 sales). STAAR shares are down 24% YTD (on weak earnings impacted by softer China demand).” Aug 5, 2025“The takeover price represents 6x our estimated 2025 sales and is a 51% premium to Monday’s closing price or $18.49.” Aug 5, 2025There Are Substantial Downside Risks if the Alcon Merger Is Not Completed“if the deal were to fall through, we’d expect shares to respond negatively due to the limited visibility into moving past the macroeconomic challenges related to China and the current acquisition premium baked into the stock fading. After STAA announced the substantial surprise 4Q24 miss due to inventory challenges in China, shares bottomed at 2x revenue, which we believe was due to the Company being viewed as a potential takeout target. While we do admit the timing of the deal is not ideal for STAA, we view the proposed merger as its best path forward in the current environment.” Sept 30, 2025

YOUR VOTE IS IMPORTANT – NO MATTER HOW MANY SHARES YOU OWNSTAAR will hold a virtual Special Meeting of Stockholders on October 23 at 8:30 a.m. (Pacific Time) to vote on the Alcon merger. Stockholders of record as of the close of business on September 12, 2025, are entitled to vote at the meeting. The STAAR Board of Directors unanimously recommends that all STAAR stockholders vote “FOR” the merger proposal on the WHITE proxy card TODAY.The merger will only be approved if holders of a majority of STAAR’s outstanding common stock vote “FOR” it. Failure to vote will have the same effect as an “AGAINST” vote.STA