Cautions Board Against Taking Any Substantive or Procedural Action on Alcon Transaction or Delaying Shareholder Vote
Calls for Board Refresh to Rebuild Shareholder Trust After Deeply Flawed Sales Process
Broadwood Partners, L.P. and its affiliates (“Broadwood” or “we”), which owns 27.5% of the outstanding common stock of STAAR Surgical Company (“STAAR” or the “Company”) (NASDAQ: STAA), notified the Company’s Board of Directors (the “Board”) yesterday that it intends to call a Special Meeting of STAAR shareholders for the purpose of removing several directors.
Neal C. Bradsher, Broadwood Founder and President, said:
“We informed the Board yesterday of our intention to call a Special Meeting of shareholders for the purpose of removing several directors in light of the overwhelming opposition to the proposed acquisition of STAAR by Alcon.
We once again caution the Board against taking any steps to delay a vote on the proposed transaction or making any last-minute changes to the transaction without substantial input from and alignment with shareholders.
It is clear to us that the Board no longer has the confidence of shareholders, and that new directors are needed to properly steward the Company and restore shareholder trust.
We anticipate that a refreshed Board would consider, among other matters, how to run a full, fair, independent, and open strategic alternatives process to maximize value that is untainted by the process issues and conflicts of interest that afflicted this proposed transaction with Alcon.”
Broadwood encourages its fellow shareholders to review its materials at www.LetSTAARShine.com and to vote on the GREEN Proxy Card “AGAINST” the proposed acquisition of STAAR by Alcon Inc.
