Replace 9:05pm: Updates with Stratasys remark.
Nano Dimension (NASDAQ:NNDM) provided to accumulate rival 3D printer maker Stratasys (NASDAQ:SSYS) for $18 a share in money. Stratasys surged 14% in after hours buying and selling. Nano Dimension fell 6.5%.
Nano Dimension (NNDM) has held “constructive, casual” talks with the Stratasys (SSYS) concerning the non-binding supply and the deserves of a mix, in line with a assertion. NNDM mentioned in a letter to SSYS’s board that it is ready to finish due diligence and negotiate a particular settlement inside 30 days.
Stratasys (SSYS) confirmed that it obtained the unsolicited bid and mentioned its board will rigorously evaluation the proposal and decide what motion is in the perfect of the corporate and its shareholders, in line with an announcement late Thursday.
Nano Dimension’s has been Stratasys’s (SSYS) largest shareholder since July 2022 and at present owns a 13.7% stake on a completely diluted foundation. NNDM mentioned the supply represents a 36% premium to Stratasys’s closing value on March 1. The supply represents a 29% premium to SSYS closing value on Thursday.
“We’re extremely assured within the deserves of the proposed transaction and we strongly imagine the supply represents a lovely proposal for all stakeholders of the corporate,” Nano Dimension wrote in its letter to the SSYS board.
Stratasys (SSYS) did not instantly reply to Looking for Alpha request for remark.
The supply comes as Nano Dimensions has been engaged in a combat with it largest shareholder Murchinson, which is attempting to get board seats and seeks the ouster of the corporate’s Chairman Yoav Stern. Earlier Thursday influential proxy service ISS really useful that shareholders vote to assist all of Murchinson’s board nominees and elimination of chairman Yoav Stern.
Final month Nano Dimension (NNDM) mentioned it employed Lazard Ltd. as an advisor for strategic mergers & acquisitions and to deal with a problem from Murchinson. Lazard has been working with the corporate on potential transformative acquisitions and “development maximization methods.”
Nano Dimension (NNDM) has a market cap of $770 million, whereas Stratasys (SSYS) is valued at $940 million.
In July Stratasys (SSYS) adopted a restricted shareholder rights plan or “poison tablet” shortly after Nano Dimension (NNDM) disclosed that it had a acquired a 12% stake in SSYS. The poison tablet would go into impact when an individual or group acquired 15% or extra of the corporate’s inventory, with the tablet set to run out July 24.