Defender Capital Raises Concerns Over STAAR Surgical's Sale to Alcon

In a recent announcement, Defender Capital, a long-term investor in STAAR Surgical Company, publicly opposed the company’s proposed sale to Alcon Inc. The investment firm, which holds around 1.5% of STAAR's outstanding common stock, expressed its discontent with the $28-per-share acquisition offer from Alcon, characterizing it as significantly undervalued.

A Long-Term Commitment to STAAR

Defender has been a dedicated shareholder of STAAR for over a decade, firmly believing in the substantial value of the company. Their investment history denotes a commitment to the growth and potential of STAAR, as they have consistently supported the company’s strategic directions and vision. With upcoming positive projections and favorable market outlooks released by STAAR’s management, Defender Capital’s apprehension resonates with the shareholders’ sentiment that the proposed price does not adequately represent the company’s worth.

Comparison with Previous Offers

The stark contrast between the current offer and the previous proposal from Alcon, which was $58 per share in cash just sixteen months prior, further inflates Defender's concerns. The rejection of such a lucrative offer prompts questions about STAAR's management decisions and the rationale behind accepting a significantly lower valuation now.

Disappointment in the Board's Decision

Defender Capital articulates disappointment towards STAAR’s Board of Directors for pursuing an acquisition at a price that does not align with the projected growth that the company’s management has forecasted. They argue that the proposed deal certainly does not reflect STAAR’s potential as an independent entity, and they see no compelling justification for executing this transaction at this time.

About Defender Capital

Defender Capital operates as an SEC-registered investment advisor, managing a diverse range of investment accounts including retirement plans, trusts, and corporate accounts. Their investment philosophy leans towards a research-driven, long-term strategy focused on US equities, signifying their intent to support sustainable growth and performance from the companies they invest in.

Defender Capital's strong objection highlights the active role of shareholder advocacy in corporate decision-making and points towards the importance of transparency and value in the negotiations concerning acquisitions. The unfolding situation continues to bring to light the dynamics between investor interests and corporate governance, as the SAS shareholders observe the implications of this proposed acquisition keenly.