Defender Capital opposes STAAR Surgical sale to Alcon ahead of vote

Defender Capital, which owns approximately 1.5% of STAAR Surgical Company (NASDAQ: STAA), reiterated its intention to vote against the company's proposed sale to Alcon Inc. (NYSE: ALC) ahead of a December 19 shareholder vote.

The investment advisor stated it believes the transaction does not represent adequate value for STAAR shareholders and criticized the timing of the deal. Defender Capital noted that STAAR's board signed the Alcon agreement before second quarter earnings that showed business stabilization.

The firm referenced proxy advisory services Glass Lewis and ISS, stating that Glass Lewis recommended shareholders vote against the deal while ISS called the process "deeply flawed." Defender Capital noted that when it became clear STAAR did not have sufficient shareholder support, the company delayed the vote from its original date to December 19 and reopened the bidding process.

STAAR's largest shareholder, Broadwood Partners, previously announced opposition to the transaction. Defender Capital mentioned that Broadwood Partners issued a December 17 press release pledging to engage constructively with the board after the vote.

The investment advisor highlighted that approximately 50% of STAAR's business operates in China and questioned whether the reopened bidding window provided sufficient time for potential acquirers to complete due diligence. No new bids emerged during this period.

Defender Capital described itself as a long-term STAAR shareholder for the past decade and expressed disappointment with the board's continued pursuit of the transaction. The firm stated it sees no compelling reason to sell STAAR at the current proposed terms.

The shareholder vote on the Alcon acquisition is scheduled for December 19, 2025.

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