DM - Proxy advisers recommend Stratasys holders vote for re-election of nominees

2023-07-27 14:44:18 ET

Statrasys ( NASDAQ: SSYS ) said that the leading proxy advisory services recommend that shareholders vote to re-elect the 3D printing company's nominees and against Nano Dimension's ( NASDAQ: NNDM ) candidates.

Proxy firms ISS and Glass Lewis recommended that the Stratays holders vote to re-elect the company's directors and against the Nano Dimension ( NNDM ) nominees at the company's annual meeting on Aug. 8, according to a statement on Thursday.

"In this case, the dissident slate itself lacks independence, as it is primarily composed of the dissident's executives, who owe their professional loyalty to the dissident's Chair/CEO Stern," ISS said in its report, according to Stratasys ( SSYS ).

The recommendation comes as Nano Dimension ( NNDM ) has made several takeover attempts for Stratasys ( SSYS ) in recent months, the most recent being a partial tender for $25 per share, which was rejected last Wednesday. Nano Dimennsion ( NNDM ) raised its latest offer to $25 from $24 after it was rejected.

The latest rejection came after Stratasys ( SSYS ) said last Monday that it will begin to negotiate with 3D Systems ( NYSE: DDD ) after saying DDD's revised bid of $24 per share in cash and stock was reasonably expected to be deemed a "superior proposal" to its announced deal with Desktop Metal ( NYSE: DM ).

Stratasys ( SSYS ) is set to report Q2 results on Aug. 9.

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