2023-03-09 16:56:40 ET
Nano Dimension ( NASDAQ: NNDM ) offered to acquire rival 3D printer maker Stratasys ( NASDAQ: SSYS ) for $18 a share in cash.
Nano Dimension ( NNDM ) has held "constructive, informal" talks" with the Stratasys ( SSYS ) regarding the non-binding offer and the merits of a combination, according to a statement. NNDM said in a letter to SSYS's board that it's prepared to complete due diligence and negotiate a definite agreement within 30 days.
Nano Dimensions has been Stratasys's ( SSYS ) largest shareholder since July 2022 and currently owns a 13.7% stake on a fully diluted basis. NNDM said the offer represents a 36% premium to Stratasys's closing price on March 1. The offer represents a 29% premium to SYSS closing price on Thursday.
The offer comes as Nano Dimensions has been engaged in a fight with it largest shareholder Murchinson, which is trying to get board seats and seeks the ouster of the company's Chairman Yoav Stern. Earlier Thursday influential proxy service ISS recommended that shareholders vote to support all of Murchinson's board nominees and removal of chairman Yoav Stern.
Last month Nano Dimension ( NNDM ) said it hired Lazard Ltd. as an advisor for strategic mergers & acquisitions and to address a challenge from Murchinson. Lazard has been working with the company on potential transformative acquisitions and "growth maximization strategies."
Nano Dimension ( NNDM ) has a market cap of $770 million, while Stratasys is value at $940 million.
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Nano Dimension offers to acquire Stratasys for $18 a share