Defender Capital Strongly Opposes STAAR Surgical's Sale to Alcon Inc.

Defender Capital Stands Against STAAR Surgical’s Sale

On December 17, 2025, Defender Capital, a long-time investor in STAAR Surgical Company, publicly affirmed its intention to vote against STAAR’s proposed sale to Alcon Inc. This announcement has sent ripples through the investment community as Defender Capital holds about 1.5% of STAAR’s total common stock. The company is clear in its objections: the proposed sale does not serve the interests of STAAR shareholders and undervalues the firm’s potential.

STAAR Surgical has shown robust growth over the past decade, carving a significant presence in the global market for eye care products. As demand for eye health solutions increases due to higher screen time and longer life spans, Defender believes STAAR's innovative offerings will play a critical role in the industry’s future. With this in mind, they argue that selling the company at this time would not be prudent.

Reasons for Opposition

Defender Capital outlined several key reasons for opposing the sale:

1. Timing and Valuation: The company stresses that STAAR's growth trajectory makes now an inappropriate time for such a sale. Recent developments, including stabilization in STAAR’s business as evidenced by upcoming earnings reports, suggest that the company is on the brink of a more significant upswing. Defender Capital insists that the deal has been proposed at an undervalued price, which would benefit Alcon but disadvantages STAAR shareholders.

2. Flawed Process Leading to the Deal: Criticism has been directed at STAAR's Board and management for their handling of negotiations with Alcon. Prominent advisory firms, including Glass Lewis and Institutional Shareholder Services (ISS), have voiced their disapproval of the process, highlighting flaws that call the legitimacy of this decision-making into question. The sequence of events, culminating in a delayed vote and reopened bidding process, raises concerns about transparency and governance.

3. Concerns about Due Diligence: Given STAAR’s significant business interests in China, Defender Capital questions the feasibility of a thorough due diligence process in an unreasonably short timeframe. They argue that this hasty approach could further complicate matters for serious bidders and ultimately weaken the company's standing.

Defender's Commitment to STAAR's Future

Defender Capital remains resolute in its belief that not only should STAAR remain independent, but it also possesses the potential to thrive autonomously. Their message is a robust call for the Board to reconsider the intentions behind the sale, emphasizing that engaging constructively with shareholders, such as Broadwood Partners, aligns with their vision for STAAR’s future.

As the resolution deadline approaches on December 19, 2025, as stated, Defender Capital is poised to reaffirm its dissent against the proposed deal, urging other shareholders to evaluate the long-term benefits of maintaining STAAR’s independence. The firm articulates a clear message: STAAR Surgical is in a position to achieve greatness without the chains of a merger that they view as opportunistic from Alcon’s side.

Conclusion

In conclusion, Defender Capital has voiced strong opposition against the proposed sale to Alcon, underlining that both the timing and the process leading to the deal are fundamentally flawed. The organization stands committed to fostering an environment where STAAR Surgical can realize its full potential and advocates for its shareholders’ rights to influence its future through a transparent and comprehensive decision-making process. Shareholders and stakeholders alike will be watching closely as the outcome unfolds in the coming days.