NNDM - 3D Systems targets Aug. 4 for completion of talks with Stratasys; calls offer 'best and final'

2023-07-27 17:56:08 ET

3D Systems ( NYSE: DDD ) is targeting Aug. 4 to complete its due diligence and merger agreement talks with Stratasys ( NASDAQ: SSYS ) on a transaction. 3D Systems rose 1.5% i n after hours trading, while Stratasys fell 1%.

3D Systems ( DDD ) expects that Stratasys ( SSYS ) will be in a position to agree to terminate its agreement with Desktop Metal ( NYSE: DM ), and DDD will pay the termination fee that Stratasys will owe to Desktop Metal on Aug. 4, according to a statemen t on Thursday.

3D Systems ( DDD ) also confirmed its latest $24/share offer given on July 13 would be its "best and final" proposal. Stratasys ( SSYS ) said July 17 that its board believed 3D Systems ( DDD ) latest offer would reasonably be expected to be deemed superior to the Desktop Metal ( DM ) deal and agreed to enter talks with the 3D printer maker.

3D Systems believes that after meeting with the management of Stratasys ( SSYS ), it increased its cost synergy target to at least $110 million from $100 million.

"3D Systems remains poised and eager to resolve any comments that Stratasys may have on terms, other than the form and amount of merger consideration, set forth in the July 13 merger agreement that 3D Systems publicly filed with the SEC," the company said in the statement.

Desktop Metal ( DM ) ticked up 0.6% in after hours trading.

Earlier Thursday, Stratasys ( SSYS ) said that the leading proxy advisory services recommended that shareholders vote to re-elect the 3D printing company's nominees and against Nano Dimension's (NNDM ) candidates.

More on Stratasys, 3D Systems

• Stratasys: Belle Of The Ball
• Investment firm Donerail expects Stratasys to view 3D Systems offer as superior
• Stratasys: Merger With Desktop Metal Is Worth More Than The Standalone Entities
• Nano Dimension: Interesting Asymmetric Risk/Reward Scenario
• Desktop Metal: High Ambitions Despite Macroeconomic Pressures
• 3D Systems: Poor Profitability On The Horizon, Hold

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