Company: STAA
Filing Date: 2025-10-07
Form Type: DFAN14A
Source: 0001213900-25-097083
Chunk: 7

Company: STAAR SURGICAL CO
Filing Date: 2025-10-07
Form: DFAN14A
Chunk 7
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To mitigate any near-term volatility stemming from the rejection of the merger proposal – particularly from risk-arbitrage selling – STAAR may consider aggressive deployment of its existing $50 million share repurchase program. Additionally, since the Company’s transitory issues in China will have been resolved and it will, once again, be free cash flow positive, we believe that in 2026, and the years to come, STAAR will have the ability to launch a new share buyback program of more than $100 million annually – and we would urge the Company to do so. While the stock may initially experience a temporary decline, we believe it would be short-lived as discounted valuation, strong fundamentals and credible upside will limit the duration and magnitude of any downturn and support a swift recovery.

Assuming the upcoming vote fails, we have full confidence that the post-vote Board and management will be well positioned to drive shareholder value, despite the spirited campaign they have waged to support the proposed merger. While leadership changes may occur, we believe the Board and management will rise to the challenge and execute on their duty to shareholders, continuing to pursue key strategic initiatives and returning the Company to growth.

When appropriate, management can reevaluate strategic alternatives from, as Broadwood Partners aptly put it, a position of strength, and initiate a new, formal and transparent process to solicit bids. Alcon’s prior offer of $55 per share plus $7 per share in contingent value rights already signals strategic value, particularly given STAAR’s leadership in ICLs, which continue to gain market share over laser-based alternatives. With certain competitors forming alliances in the space, Alcon may face increasing pressure to re-engage, especially since STAAR remains the most viable merger partner in this segment.

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In conclusion, STAAR’s superior and proprietary technology, as well as its global scale, position the Company to take a significant portion of the fast-growing refractive surgery market, become an even more profitable enterprise, and, ultimately deliver upon its vision to be the first choice for surgeons and patients seeking visual freedom from glasses and contact lenses.

Importantly, whatever direction the Company takes – whether strategic alternatives are pursued or not – it will not affect the vast majority of the Company’s revenue. The core business remains stable, with almost all revenue generated through longstanding distribution channels and international markets that are insulated from short-term swings.

We believe shareholders need to recognize this value under any transaction. While we are not necessarily opposed to supporting an acquisition