Stratasys (again) rejects Nano Dimension’s takeover offer

Stratasys rejected Nano Dimension’s recently revised $1.2 billion takeover bid and vehemently denied statements made (on YouTube [SIC!]) by the company’s CEO Yoav Stern. After carefully reviewing the new proposal submitted by Nano Dimension on March 29, 2023, the Stratasys Board of Directors unanimously decided to reject it. An earlier Nano Dimension offer was made on March 10 this year and was also rejected.

Based on its review of the offering, Stratasys said Nano Dimension “continues to significantly undervalue” the company and is not in the company’s and its shareholders’ best interests to accept it. Stratasys reiterated that its own business plan would create more shareholder value than the Nano Dimension proposal.

Stratasys also felt it necessary to clarify “many misleading statements” by Nano Dimension CEO Yoav Stern:

Contrary to Mr. Stern’s statements, Stratasys CEO Dr. Yoav Zeif met with Mr. Stern only once, on March 9, 2023. This meeting was held at the request of Mr. Stern. Dr. Zeif did not express any support for his proposal and explained that Stratasys will respond after the Board of Directors has completed its review of the offer. Apart from this one meeting, there was no contact or substantive discussion between Dr. Zeif and Mr. Stern, directors or other representatives of both companies.

Contrary to what Mr. Stern has suggested, Dr. Zeif fully agrees with the Board’s decision.

Contrary to Mr. Stern’s claims, Stratasys directors receive the majority of their board remuneration (which has been approved by Stratasys shareholders) in Stratasys equity and this is in line with the interests of Stratasys shareholders.

Source: www.stratasys.com

Rejecting the takeover bid, Stratasys also questioned the “composition and powers” of Nano Dimension’s board, citing the company’s ongoing litigation with its largest shareholder Murchinson Ltd. While Murchinson suggests that the shareholder meeting approved two new directors after the appointment of directors to the Nano Dimension board and the removal of Stern and three others, Nano Dimension claims the meeting and vote were invalid.

Nano Dimension remains the largest single shareholder of Stratasys with approximately 14% ownership.

Source: www.stratasys.com