Company: STAA
Filing Date: 2025-09-26
Form Type: DFAN14A
Source: 0001213900-25-092390
Chunk: 5

Company: STAAR SURGICAL CO
Filing Date: 2025-09-26
Form: DFAN14A
Chunk 5
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 its statement, the
offer implies a 51% premium to the target’s unaffected share price, is 59% above its 90-day VWAP, and is roughly double the median
premium for comparable deals. The board maintained that the deal offers “compelling, certain, immediate cash value”.

Certainty vs. potential

With the shareholder vote
set for October 23 and proxy firms’ recommendations expected shortly before, the stakes are high.

Recall that Broadwood and Yunqi Capital, owning 27.4% and
5.1%, respectively, oppose the transaction and intend to vote against it at the EGM.

Bailey’s closing message was straightforward: “The
long-term drivers — myopia prevalence, EVO’s entrenched clinical position, scarcity of competing technology — are real.
This offer undervalues STAAR. Accepting now is giving Alcon a gift.

“To be clear, we are not opposed to selling to Alcon
(or indeed to any other strategic). What we are opposed to is the price.”

For target shareholders, the central question is: take guaranteed
liquidity today, or preserve optionality in a business that may yet deliver far more value down the road.

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