Nano Dimension offers to acquire Stratasys for $18 a share (NASDAQ:SSYS)
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Update 9:05pm: Updates with Stratasys remark.
Nano Dimension (NASDAQ:NNDM) provided to get rival 3D printer maker Stratasys (NASDAQ:SSYS) for $18 a share in hard cash. Stratasys surged 14% in soon after hours trading. Nano Dimension fell 6.5%.
Nano Dimension (NNDM) has held “constructive, informal” talks with the Stratasys (SSYS) about the non-binding offer and the deserves of a combination, in accordance to a statement. NNDM stated in a letter to SSYS’s board that it’s geared up to total because of diligence and negotiate a definite arrangement within 30 days.
Stratasys (SSYS) confirmed that it acquired the unsolicited bid and reported its board will diligently evaluate the proposal and ascertain what motion is in the ideal of the business and its shareholders, according to a assertion late Thursday.
Nano Dimension’s has been Stratasys’s (SSYS) most significant shareholder considering that July 2022 and currently owns a 13.7% stake on a thoroughly diluted foundation. NNDM claimed the offer you signifies a 36% quality to Stratasys’s closing selling price on March 1. The give signifies a 29% premium to SSYS closing rate on Thursday.
“We are highly self-assured in the merits of the proposed transaction and we strongly think the give represents an desirable proposal for all stakeholders of the organization,” Nano Dimension wrote in its letter to the SSYS board.
Stratasys (SSYS) didn’t instantly react to Trying to find Alpha ask for for remark.
The supply arrives as Nano Dimensions has been engaged in a struggle with it largest shareholder Murchinson, which is making an attempt to get board seats and seeks the ouster of the company’s Chairman Yoav Stern. Previously Thursday influential proxy company ISS advisable that shareholders vote to guidance all of Murchinson’s board nominees and elimination of chairman Yoav Stern.
Last thirty day period Nano Dimension (NNDM) claimed it employed Lazard Ltd. as an advisor for strategic mergers & acquisitions and to tackle a challenge from Murchinson. Lazard has been doing the job with the organization on opportunity transformative acquisitions and “development maximization procedures.”
Nano Dimension (NNDM) has a market cap of $770 million, although Stratasys (SSYS) is valued at $940 million.
In July Stratasys (SSYS) adopted a constrained shareholder rights prepare or “poison tablet” soon after Nano Dimension (NNDM) disclosed that it had a obtained a 12% stake in SSYS. The poison capsule would go into outcome when a man or woman or group obtained 15% or much more of the firm’s inventory, with the pill set to expire July 24.
