SSYS - Stratasys gains after 3D Systems confirms takeover offer

2023-06-02 07:49:54 ET

Stratasys ( NASDAQ: SSYS ) rose 9.2% in premarket trading after 3D Systems ( NYSE: DDD ) confirmed it made a cash and stock offer for the 3D printer competitor.

3D Systems Corporation ( DDD ) offered to acquire Stratasys ( SSYS ) for $7.50 in cash and 1.2507 newly issued shares of 3D Systems common stock, according to a statement on Friday. Stratasys holders will own 40% of the combined company and receive approximately $540 million in cash. The offer was made on Tuesday,

3D Systems ( DDD ) said the offer for Stratasys ( SSYS ) , including $100 million of cost synergies, can deliver a value of about $25 per Stratasys share.

The Stratasys ( SSYS ) board plans to "carefully" review the offer, the company said on Thursday when it disclosed the offer f rom 3D Systems ( DDD ).

The offer comes after Stratasys ( SSYS ) last Thursday agreed  to acquire Desktop Metal ( NYSE: DM ) in a $1.8 billion all-stock deal . The bid also follows Nano Dimension's $18 per share partial tender offer for Stratasys, which SSYS rejected on Tuesday.

Nano Dimension ( NASDAQ: NNDM ) rose 1.7% in premarket trading.

"The combination of 3D Systems and Stratasys is simply the best outcome for the shareholders of both companies," 3D Systems President and CEO Dr. Jeffrey Graves said in the statement.

Goldman Sachs is acting as exclusive financial advisor, and Freshfields Bruckhaus Deringer (US) LLP, together with Herzog, Fox & Neeman in Israel, is acting as legal counsel to 3D Systems in connection with the proposed transaction.

More on Desktop Metal, Stratasys and Nano Dimension

• Stratasys purchase of Desktop Metal may be a mistake - analyst
• Tough Times Ahead For Desktop Metal (Rating Downgrade)
• Nano Dimension increased price for Stratasys still undervalues company - analyst
• Nano Dimension bid for Stratasys doesn't have compelling valuation - analyst

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