Core Viewpoint - Broadwood Partners, L.P. and its affiliates own 30.2% of STAAR Surgical Company and have responded to the fourth postponement of STAAR's Special Meeting of Shareholders regarding the proposed acquisition by Alcon Inc [1] Group 1 - The Special Meeting was originally scheduled for October 23 [1]

Core Viewpoint - STAAR Surgical Company has announced the adjournment of its Special Meeting of Stockholders regarding the Alcon merger agreement, now rescheduled for January 6, 2026, due to Alcon exercising its right under the merger agreement [1]. Company Overview - STAAR Surgical (NASDAQ: STAA) is a leader in implantable phakic intraocular lenses, providing vision correction solutions that can reduce or eliminate the need for glasses or contact lenses [2]. - The company has been focused solely on ophthalmic surgery since 1982 and has sold over 3 million ICLs in more than 75 countries [2]. - STAAR's EVO ICL™ product line offers a minimally invasive procedure for vision correction without removing corneal tissue or the eye's natural crystalline lens [2]. Merger Information - The Special Meeting of Stockholders was originally scheduled for December 19, 2025, and the record date for eligible stockholders remains October 24, 2025 [1]. - Relevant materials regarding the proposed transaction have been filed with the U.S. Securities and Exchange Commission (SEC), including a definitive proxy statement on September 16, 2025 [3].

Core Viewpoint - The acquisition of LENSAR, INC. by Alcon Inc. remains incomplete as of mid-December, despite earlier expectations to finalize it by year-end [1]. Group 1 - Alcon Inc. is in the process of acquiring LENSAR, INC. [1] - The acquisition was initially anticipated to be completed by the end of the year [1].

Core Viewpoint - Defender Capital expresses disappointment in STAAR Surgical Company's Board of Directors' continued pursuit of a sale to Alcon Inc., believing it is not in the best interests of STAAR shareholders and does not reflect adequate value for the Company [1]. Group 1: Timing and Valuation Concerns - The proposed sale to Alcon is viewed as occurring at the wrong time and price for STAAR shareholders, especially given STAAR's recent global growth and the stabilization of its business [2]. - The timing of the deal is criticized as opportunistic for Alcon, particularly as STAAR's business shows potential upside following recent earnings reports [2]. Group 2: Flawed Process - The process leading to the deal has been deemed flawed, with recommendations from Glass Lewis and ISS advising shareholders to vote against it [3]. - Concerns were raised about event-driven hedge funds purchasing STAAR shares without understanding the opposition from major shareholders like Broadwood Partners, leading to a decline in stock price [3]. Group 3: Vote Delay and Due Diligence - STAAR's Board delayed the vote until December 19 and reopened the bidding process, raising questions about the adequacy of the time allowed for potential acquirers to conduct due diligence, especially given the significance of the Chinese market to STAAR's business [4]. - No new bids emerged following the delay, indicating a lack of interest from other potential buyers [4]. Group 4: Continued Opposition - Defender Capital intends to vote against the transaction, citing a lack of compelling reasons to sell STAAR at this time and expressing disappointment in the Board's actions [5].

Core Viewpoint - Broadwood Partners, L.P. and its affiliates, owning 30.2% of STAAR Surgical Company's outstanding common stock, are urging shareholders to vote against the proposed acquisition of STAAR by Alcon Inc. [1] Group 1 - Broadwood Partners has issued a letter to the Board of Directors of STAAR Surgical Company [1] - The firm continues to advocate for shareholders to oppose the acquisition by Alcon Inc. [1] - Additional information for shareholders is available at www.LetSTAARS [1]

Core Viewpoint - STAAR Surgical Company is urging stockholders to participate in the upcoming Special Meeting to vote on the amended agreement with Alcon Inc., emphasizing that the outcome will significantly impact the value of their shares [1]. Company Summary - STAAR Surgical Company is recognized as the global leader in phakic IOLs, specifically with its EVO family of Implantable Collamer® Lenses (EVO ICL™) designed for vision correction [1]. Industry Context - The impending vote at the Special Meeting is positioned as a critical event that could influence the financial performance and stock value of STAAR Surgical, highlighting the importance of shareholder engagement in corporate governance [1].

Core Viewpoint - STAAR Surgical Company has amended its merger agreement with Alcon, offering stockholders $30.75 per share, which represents a 74% premium to the 90-day Volume Weighted Average Price and a 66% premium to the closing price on August 4, 2025 [1][2]. Group 1: Merger Agreement Details - The revised merger agreement with Alcon is set to provide STAAR stockholders with $30.75 per share in cash if the transaction is completed [1]. - Independent proxy advisory firm Institutional Shareholder Services (ISS) recommends that STAAR stockholders vote "FOR" the Alcon transaction, citing improved terms and reduced downside risks [2]. - The STAAR Board of Directors also urges stockholders to vote "FOR" the merger to protect their investment value [3]. Group 2: Analyst Insights - Analysts from BTIG suggest that STAAR shareholders should accept the offer, warning of potential significant declines in share value if the deal does not go through [5]. - Canaccord Genuity notes that the expiration of the "go-shop" period revealed limited interest from other potential acquirers, indicating that the revised terms are likely to satisfy shareholders [5]. - Mizuho highlights that the $1.6 billion valuation of the transaction is approximately 4.5 times the forward EV/Sales based on projected revenues, which aligns with industry standards for similar companies [5]. Group 3: Company Background - STAAR Surgical is a leader in implantable phakic intraocular lenses, focusing solely on ophthalmic surgery since 1982, and has sold over 3 million ICLs globally [7]. - The company operates research, development, manufacturing, and packaging facilities in California and Switzerland, emphasizing its commitment to advanced vision correction solutions [7].

Core Viewpoint - STAAR Surgical Company has received a favorable recommendation from Institutional Shareholder Services regarding its merger with Alcon, urging stockholders to vote in favor of the amended merger agreement [1] Company Summary - STAAR Surgical Company is recognized as the global leader in phakic IOLs, specifically with its EVO family of Implantable Collamer® Lenses designed for vision correction [1] Industry Context - The recommendation from ISS reflects a positive outlook on the merger, which may influence shareholder sentiment and the overall market perception of STAAR's strategic direction [1]

Core Viewpoint - Broadwood Partners and its affiliates announced that Glass Lewis has reaffirmed its recommendation for STAAR Surgical Company shareholders to vote "AGAINST" the proposed acquisition by Alcon Inc. Glass Lewis concluded that there is no persuasive argument in favor of the acquisition [1] Group 1 - Glass Lewis is a leading independent proxy advisory firm [1] - The recommendation from Glass Lewis is based on their analysis of the proposed acquisition [1] - The report indicates a lack of compelling reasons to support the acquisition of STAAR by Alcon [1]

Core Viewpoint - BofA Securities has downgraded Alcon Inc. from Buy to Underperform and reduced its price target from $100 to $75 due to a negative outlook influenced by market softness, increased competition, and multiple guidance cuts affecting sentiment [1] Group 1: Market Conditions - The downgrade reflects a year characterized by market softness and heightened competition, which have negatively impacted Alcon's performance [1] - Analysts believe that consensus forecasts for improving confidence into 2026 are overly optimistic, expecting a sharp rebound and market share gains despite limited visibility [2] Group 2: Financial Estimates - BofA's fiscal 2026 and 2027 EPS estimates are 4% and 7% below consensus, indicating a cautious outlook [2] - The firm has cut its fiscal 2026 EPS by 8% and adjusted valuation multiples based on higher WACC assumptions and adverse market conditions [3] Group 3: Valuation Metrics - Despite a 20% valuation pullback from 2024 highs, Alcon's forward P/E ratio remains around 25x, which is considered elevated given the expected EPS CAGR of less than 10% from 2025 to 2027 [3]