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Nano Dimensions (NASDAQ:NNDM) submitted an all-cash proposal to purchase rival 3D printer maker Stratasys (NASDAQ:SSYS) for $16.50 a share.
The preliminary proposal was made for all the rest of Stratasys (SSYS) shares that Nano Dimension (NNDM) would not aready personal and could be elevated topic to due diligence, in accordance with a assertion on Saturday. The provide represents a 26% premium to Stratasys’s closing value on Friday.
Nano Dimension (NNDM) is Stratrasys (SSYS) largest shareholder. The newest provide comes after Nano Dimension withdrew a $25 per share partial tender provide for Stratasys after a number of rejections from the 3D printer maker in late July. At the time Nano Dimension additionally withdrew its director nominees for the Stratasys board.
In addition to financing the proposal with obtainable money readily available, Nano Dimension has entered discussions with financing sources to assist any transaction and there’s no financing contingency to the proposal, in accordance with the assertion.
Stratasys (SSYS) in April rejected a revised $20.05 a share bid from Nano Dimension (NNDM) and stated the proposal continues to “substantially undervalue” the corporate.
Nano Dimension (NNDM) has a a market cap of $564 million, whereas Stratasys (SSYS) is valued at $908 million.
Stratasys on Thursday adopted a restricted shareholder rights plan because the 3D printer firm’s present plan is about to run out on the finish of the 12 months. Stratasys (SSYS) initially adopted a poison capsule in July 2022, days after Nano Dimension (NNDM) disclosed that it had taken a stake within the firm.
Stratasys (SSYS) in late September that it could begin a strategic evaluation of options after a deal to buy 3D printer maker Desktop Metal (DM) was terminated.
The Desktop Metal (DM) deal termination got here after 3D Systems (DDD) in Sepember submitted a binding provide for Stratasys (SSYS) after the 3D printer maker rejected earlier provides. 3D Systems (DDD) stated on the time he provide valued Stratasys (SSYS) at greater than $27 a share.
