DM - Nano Dimension withdraws special tender offer director nominees for Stratasys

2023-07-28 07:52:11 ET

Nano Dimension ( NASDAQ: NNDM ) withdrew its $25 per share special tender offer for Stratasys ( NASDAQ: SSYS ) after several rejections from the 3D printer maker. Nano Dimension rose 2.5% in premarket trading. Stratasys fell 1.6%.

Nano Dimension ( NNDM ) also withdrew its director nominees for the Stratasys ( SSYS ) board, according to a statement on Friday.

"We believe that our efforts to convince a sufficient number of Stratasys’ shareholders that their entrenched board will continue its track record of leading the company toward new disasters has fallen short," Nano Dimension Chairman and CEO Yoav Stern said in the statement.

The news comes after Stratrasys ( SSYS ) said on Thursday that leading proxy advisers ISS and Glass Lewis recommended that shareholders vote to re-elect the 3D printing company's nominees and a gainst Nano Dimension's ( NNDM ) candidates.

The withdrawal also comes after 3D Systems ( NYSE: DDD ) said on Thursday it's targeting Aug. 4 to complete its due diligence and merger agreement talks with Stratasys ( SSYS ). 3D Systems expects that Stratasys will be in a position to agree to terminate its agreement with Desktop Metal (NYSE: NYSE: DM ), and DDD will pay the termination fee that Stratasys will owe to Desktop Meta. 3D Systems also said its latest $24/share offer given on July 13 would be it s "best and final" proposal.

Nano Dimmension's ( NNDM ) Stern said he 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.

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