2023-04-03 07:42:58 ET
Stratasys ( NASDAQ: SSYS ) fell 8% in premarket trading after its board rejected an increased $19.55 a share offer from Nano Dimension ( NASDAQ: NNDM ).
Stratasys ( SSYS ) board concluded that Nano’s ( NNDM ) proposal continues to "substantially undervalue" Stratasys in light of its standalone prospects and isn't in the best interest of holders, the company said in a statement. Stratasys also said Nano’s authority to make and follow through on an acquisition proposal remains in question after the results of last month's shareholder meeting and battle with its largest holder Murchinson.
The latest rejections comes after Stratasys ( SSYS ) last month also rejected Nano Dimension's ( NNDM ) origina l $18 a share offer.
The Stratasys' ( SSYS ) rejection came after Nano Dimension ( NNDM ) has been engaged in a fight with its largest shareholder Murchinson, which is trying to get board seats and seeks the ouster of Stern. Murchinson said that it received "overwhelming support" for the removal of three directors and chairman at a vote earlier this month, a vote that Nano Dimension has called illegal.
Last Wednesday a Stifel analyst said he believed the Stratasys' ( SSYS ) increased offer for Nano Dimension ( NNDM ) still undervalued the 3D printing company.
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Stratasys drops after rejecting increased Nano Dimension offer