DM - Nano Dimension partial tender offer for Stratasys expires

2023-08-01 13:05:17 ET

Nano Dimension ( NASDAQ: NNDM ) said that its tender offer for Stratasys ( NASDAQ: SSYS ) has expired with the conditions not satisfied and that it will move on with alternative M&A plans.

About 3.4 million shares were tendered, and 445,533 Stratasys ( SSYS ) shares had been tendered pursuant to Notices of Guaranteed Delivery, representing around 5.6% of SSYS outstanding shares, below the minimum requirement of 46% in the offer, according to a statement on Tuesday. NNDM will return all SSYS shares validly tendered and not properly withdrawn.

The news comes after Nano Dimension ( NNDM ) announced Friday that i t planned to withdraw its $25 per share special tender offer for Stratasys ( SSYS ) after several rejection from the 3D printer maker. NNDM also withdrew its director nominations for the Stratasys board.

Nano Dimension ( NNDM ) reiterated on Tuesday that Nano plans to review the company's investment in Stratasys ( SSYS ), including a possible sale of its 14.1% interest in the company on the open market.

On Friday, Stratasys ( SSYS ) said it's still waiting to get "critical" due diligence from 3D Systems ( DDD ) so its board can decide if DDD's bid is superior to its announced deal with Desktop Metal ( DM ).

The Stratasys ( SSYS ) release came after 3D Systems ( DDD ) said Thursday that it is targeting Aug. 4 to complete its due diligence on its $24 per share offer for Stratasys, which it described as "best and final."

Nano Dimension ( NNDM ) shares rose 1% on Thursday, while Stratasys ( SSYS ) fell 1.8%.

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