SSYS - Stratasys drops after saying 3D Systems offer not superior to Desktop Metal

2023-06-20 10:42:43 ET

• Stratasys ( NASDAQ: SSYS ) fell 1% after the 3D printer maker said that a 3D Systems ( NYSE: DDD ) takeover offer was not superior to its planned purchase of Desktop Metal ( NYSE: DM ).
• The 3D Systems ( DDD ) offer is not a "superior proposal" to  its planned purchase of Desktop Metals ( DM ) and doesn't provide a basis to enter into talks with 3D Systems ( DDD ), according to a statement on Tuesday.
• The 3D Systems ( DDD ) offer for Stratasys ( SSYS ) came after Stratasys agreed to acquire Desktop Metal (NYSE: DM ) in a $1.8 billion all-stock deal last month. The bid also followed Nano Dimension's ( NASDAQ: NNDM ) $18 per share partial tender offer for Stratasys, which SSYS rejected last month.
• 3D Systems ( DDD ) offered $7.50 in cash and 1.2507 newly issued shares of 3D Systems common stock for Stratasys ( SSYS ).
• Nano Dimension ( NNDM ) shares fell 5% on Tuesday.
• Developing story ...

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