NNDM - Nano Dimension plans to vote against Stratasys purchase of Desktop Metal

2023-09-14 09:41:03 ET

Nano Dimension ( NASDAQ: NNDM ) said it plans to vote against Statrasys' ( NASDAQ: SSYS ) planned purchase of Desktop Metal ( NYSE: DM ).

"We express to our fellow Stratasys shareholders our deep conviction that this merger would be highly dilutive and result in significant value destruction, sacrificing the profitability and financial flexibility of Stratasys for limited upside," Nano Dimension CEO Yoav Stern said in a statement on Thursday.

Nano Dimension ( NNDM ) is Stratasys' ( SSYS ) largest shareholder with a 14.1% stake. Nano Dimension's comment comes as a Sept. 28 vote on the Desktop Metal ( DM ) deal approaches, and after 3D Systems ( NYSE: DDD ) submitted a binding offer for Stratasys ( SSYS ) on Wednesday after the 3D printer maker rejected its latest offer.

The 3D Systems ( DDD ) binding offer for Stratasys ( SSYS ) will expire on Oct. 5, giving the Stratasys board five business days after the Desktop Metals ( DM ) vote on Sept. 28.

Stratasys ( SSYS ) shares rose 4% in early trading on Thursday, while 3D Systems ( DDD ) gained 5.2% and Desktop Metal ( DM ) advanced 3.3%.

Nano Dimension ( NNDM ) withdrew its $25 per share special tender offer for Stratasys ( SSYS ) after several rejections from the 3D printer maker. Nano Dimension also withdrew its director nominees for the Stratasys board.

More on Nano Dimension

• Seeking Alpha’s Quant Rating on Nano Dimension
• Nano Dimension gets Israeli court's nod to resume stock buyback plan
• Stratasys, Desktop Metal receive DOJ request for additional info for deal
• Nano Dimension partial tender offer for Stratasys expires

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