Defender Capital says opposes Staar Surgical’s proposed sale to Alcon

Defender Capital, a long-term shareholder of STAAR Surgical Company (STAA) owning approximately 1.5% of the company’s outstanding common stock, issued the following statement outlining its opposition of the proposed acquisition of STAAR by Alcon (ALC): “We have been significant STAAR shareholders for more than ten years and remain convicted in the significant value of the Company. The proposed sale of STAAR to Alcon for $28 per share significantly undervalues the Company, especially when considering the STAAR Board of Directors’ rejection of Alcon’s previous offer for $58 per share in cash only sixteen months ago. With recent positive projections and outlook released by management, we see no compelling reason to sell STAAR at this time. We are disappointed that the Board has pursued this ill-advised transaction at a valuation that does not reflect the prospects of STAAR’s business as a standalone company.”