Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 5

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 5
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 despite the existence of logical and well - capitalized strategic suitors ▪ Two suitors who contacted STAAR to express their interest in a potential transaction were not provided access to diligence ma ter ials and not invited to submit proposals until hours before the Merger Agreement was signed ▪ A hurried 30 - day negotiation period – which we understand was driven by Alcon’s desire to reach an agreement before STAAR’s posi tive Q2 2025 results were released – followed by a perfunctory, post - signing “window shop” period during which Alcon had preferential matching rights Deal Process ▪ A majority of the outstanding shares of STAAR’s common stock ▪ Antitrust and other regulatory bodies in the U.S., Europe, Japan, China and Australia Required Approvals October 23, 2025 Special Meeting Date Source: FactSet, STAAR Press Release, August 5, 2025 and STAAR proxy statement on Form DEFM14A, filed with the SEC on Septemb er 16, 2025.

Broadwood Partners, L.P. Executive Summary 8 We urge stockholders to vote against the Proposed Merger using the GREEN Proxy Card The Wrong Price The Wrong Process The Wrong Time ▪ In our view, the purchase price of $28 per share significantly undervalues STAAR, representing a substantial discount to intrinsic value ▪ STAAR’s strategic value to Alcon is significant, and there are material cost savings and potential revenue synergies; notably, less than a year ago, Alcon offered much more for STAAR, 2 demonstrating STAAR’s strategic value to Alcon ▪ We do not believe STAAR’s long - term prospects have materially changed since then; we believe the uncompelling deal price reflects near - term market pessimism, and we are confident the Company can deliver value to stockholders far in excess of $28 per share ▪ The intrinsic value of management’s own plan, at an appropriate discount rate, far exceeds $28 per share ▪ STAAR’s Board chose to engage with just one counterparty – Alcon – conducting a quasi - exclusive process 2 despite a ready pool of logical and well - capitalized buyers that we believe would view STAAR as a highly strategic asset ▪ Worse, the Board made the decision to focus on Alcon despite being aware of expressed interest from other parties; these parties were not provided access and were only invited to submit proposals hours before the Merger Agreement was signed 2 ▪ The Board relied on what we regard