The Conversation (0)
Reminds STAAR's Board That It Does Not Need Alcon's Permission to Remain Independent or Run a Proper Strategic Alternatives Process
Broadwood Partners, L.P. and its affiliates ("Broadwood" or "we") today commented on the investor presentation issued by Alcon Inc. ("Alcon") (NYSE: ALC) regarding its proposed acquisition of Staar Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA). Broadwood, which owns 27.5% of STAAR's outstanding common stock, continues to urge its fellow shareholders to vote on its GREEN Proxy Card " AGAINST " the proposed transaction.
Neal C. Bradsher, Broadwood Founder and President, said:
"Today's press release and presentation from Alcon, which required STAAR's approval, is disappointingly replete with fallacious arguments and baseless claims, all in service of preserving Alcon's privileged but misbegotten position as STAAR's chosen acquirer. We are dismayed that the STAAR Board, despite its fiduciary duty to STAAR shareholders, would sanction the publication of such misleading statements regarding STAAR's own business prospects and the integrity and results of two of its largest shareholders.
Given the overwhelmingly negative reaction of STAAR shareholders (and all three proxy advisors) to the timing, process and price of the proposed Alcon transaction, there is no reason for the Board of Directors to take direction from Alcon. There is no justification for prolonging this process, and the distraction and damage to STAAR's business it creates, for Alcon's benefit. Shareholders should be allowed to reject this transaction, as they were poised to do before the Board first adjourned, and then further postponed, the Special Meeting. After this deal is rightly rejected, the Board will have complete freedom to decide when and how, if at all, to conduct a sale process; the Board therefore does not need Alcon's permission to run a ‘go-shop' and should not further delay the vote.
Lacking facts on their side and good arguments on the merits, Alcon and STAAR have taken instead to ad hominem attacks. Needless to say, Alcon and STAAR have grossly misrepresented our track record in specific investments and overall, while ignoring our numerous successes: $1 million invested with Broadwood at the beginning of 2000 is now worth more than $47 million. If Alcon had generated annualized shareholder returns since its spinout in 2019 on par with our record, then Alcon's stock would be trading at more than $150 per share, instead of $75. Perhaps then Alcon would have the mandate from its own shareholders to pay a fair price for STAAR.
We continue to caution the STAAR Board against taking any substantive or procedural steps with respect to this transaction without the input and alignment of STAAR's shareholders."
Shareholders can learn more at www.LetSTAARShine.com .
About Broadwood
Broadwood Partners, L.P. is managed by Broadwood Capital, Inc. Broadwood Capital is a private investment firm based in New York City. Neal C. Bradsher is the President of Broadwood Capital.
Special Meeting of Shareholders Scheduled for October 23, 2025
Broadwood Partners, L.P., Broadwood Capital, Inc., Neal C. Bradsher, Richard T. LeBuhn, Natalie R. Capasso, Raymond A. Myers and Jason J. Martin (collectively, the "Participants") are participants in the solicitation of proxies from the shareholders of STAAR in connection with the special meeting of shareholders scheduled for October 23, 2025 (including any adjournments, postponements, reschedulings or continuations thereof, the "Special Meeting"). The Participants have filed a definitive proxy statement on Schedule 14A (the "Definitive Proxy Statement") and accompanying GREEN Proxy Card to be used in connection with any such solicitation of proxies from the Company's shareholders for the Special Meeting. SHAREHOLDERS OF STAAR ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE PARTICIPANTS HAVE FILED OR WILL FILE WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ABOUT THE MATTERS TO BE VOTED ON AT THE SPECIAL MEETING AND ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE. The Definitive Proxy Statement and accompanying GREEN Proxy Card have been furnished to some or all of STAAR's shareholders and will be, along with other relevant documents, available at no charge on the SEC's website at https://www.sec.gov/ .
Special Meeting of Shareholders to Remove Members of the Board
The Participants also intend to file a definitive proxy statement and an accompanying GREEN Proxy Card with the SEC to be used to solicit proxies with respect to removing members of the Board and any other proposals that may come before a future and yet to be called or otherwise scheduled special meeting of shareholders (including any adjournments, postponements, reschedulings or continuations thereof, the "Shareholder Meeting"). The Shareholder Meeting will be separate, distinct and unrelated to the Special Meeting, and the Participants believe that the Shareholder Meeting will have no effect on the outcome of the Special Meeting. The Participants do not believe that there is any lawful reason that would prevent or prohibit the Participants from calling the Shareholder Meeting, regardless of the outcome of the shareholder vote at the Special Meeting, and do not make any representation related to whether the Company may contest, or otherwise challenge, the Participants' ability to call the Shareholder Meeting. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE PARTICIPANTS WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ABOUT THE MATTERS TO BE VOTED ON AT THE SHAREHOLDER MEETING AND ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE . The definitive proxy statement and an accompanying GREEN Proxy Card will be furnished to some or all of the Company's shareholders and will be, along with other relevant documents, available at no charge on the SEC's website at https://www.sec.gov/ .
Information about the Participants and a description of their direct or indirect interests, by security holdings or otherwise, is contained on an amendment to Schedule 13D filed by the Participants with the SEC on October 22, 2025 and is available here .
View source version on businesswire.com: https://www.businesswire.com/news/home/20251104591082/en/
Investor Contacts
John Ferguson / Joseph Mills
Saratoga Proxy Consulting LLC
jferguson@saratogaproxy.com
jmills@saratogaproxy.com
(212) 257-1311
(888) 368-0379
Media Contacts
Scott Deveau / Jeremy Jacobs
August Strategic Communications
Broadwood@AugustCo.com
(323) 892-5562
