2023-06-13 07:24:39 ET
Nano Dimension ( NASDAQ: NNDM ) reaffirmed its $18 per share all cash tender offer for Stratasys ( NASDAQ: SSYS ) and asked for a meeting of Stratasys' shareholders for removing the majority of Stratasys' board members and replacing them with those proposed by Nano.
Eden Prairie, Minn.-based Stratasys had rejected a $18 per share partial tender offer from Nano in May and a $20.05 a share bid in April, noting that it "substantially" undervalued the company. Stratasys also received an ~$18 per share cash and stock takeover offer from 3D Systems ( NYSE: DDD ), which according to a Credit Suisse analyst is likely to be rejected.
Nano on Tuesday said that its $18.00 per share special tender offer provides certain, near-term premium and all-cash value to Stratasys shareholders.
Nano also demanded that Stratasys board call a meeting of Stratasys shareholders after the completion of the $18-per-share-special-tender to remove a majority of Stratasys' directors and replace them with Nano's nominees.
Nano said its leadership will set up management to be committed and compensated based on showing efficacy in driving performance of Stratasys, which will become the main business asset of Nano.
The offer also provides more certainty than the pending Desktop Metal ( NYSE: DM ) merger agreement or 3D Systems' ( DDD ) proposal, Nano added.
Nano said that Stratasys' directors refused to negotiate with Nano despite multiple all-cash offers at compelling premia. Nano notes that it is Stratasys' largest shareholder.
More on Nano and 3D Systems
- Nano Dimension: Interesting Asymmetric Risk/Reward Scenario
- 3D Systems: Poor Profitability On The Horizon, Hold
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Nano reaffirms $18/share offer, asks removal of majority of Stratasys' directors