2023-04-13 07:22:37 ET
Stratasys ( NASDAQ: SSYS ) said its board rejected a revised $20.05 a share bid from Nano Dimension ( NASDAQ: NNDM ).
Stratasys' ( SSYS ) board concluded that Nano's ( NNDM ) proposal continues to "substantially undervalue" the 3D printer maker in light of its standalone prospects and isn't in the best interest of shareholders, the company said in a statement.
Stratasys ( SSYS ) also reiterated Nano’s ( NNDM ) 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 Stratasys ( SSYS ) board and management team "are concerned that a take-over proposal while Nano's authority is unclear legally and subject to a court ruling would expose Stratasys, its shareholders and other stakeholders to the harmful spillover effects of what, in Stratasys' judgment, is an unprecedented and confusing situation," the company said in a statement.
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 Chairman Yoav Stern. Murchinson said that it received "overwhelming support" for the removal of three directors and chairman at a vote last month.
The latest Stratasys ( SSYS ) rejection comes after the 3D printer company also also rejected Nano Dimension bids of $19.55 a share and an original offer of $18 a share. Nano Dimension ( NNDM ) said its latest offer of $20.05 was its "best and final."
Last Wednesday Nano Dimension ( NNDM ) said it's prepared to start a tender offer for at least 51% of the outstanding Stratasys ( SSYS ) common stock for $18.00 a share if the Stratasys ( SSYS ) board doesn't engage with it.
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Stratasys rejects Nano Dimension revised $20.05 a share bid