Defender Capital Reiterates Intention to Vote AGAINST STAAR Surgical's Proposed Sale to Alcon Inc.

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].