Stratasys Comments Nano Dimension’s Attempt to Acquire “Illegal and Unclear Legality”

Stratasys released a statement regarding an Israeli court ruling in an ongoing dispute between Nano Dimension and its largest shareholder, Murchinson Ltd. The company says its shareholders should understand that the Israeli court “clearly” questions whether significant decisions made by Nano Dimension’s board of directors are in the best interests of shareholders?

Stratasys rejected three takeover bids from Nano Dimension in 2023: the first for $1.1 billion, the second for $1.2 billion, and the third for a total of $1.22 billion. Notwithstanding this, Nano Dimension also announced a special tender for individual Stratasys shareholders in order to obtain as many individual shares of the company as possible.

Notwithstanding the Stratasys takeover attempt, Nano Dimension is in dispute with Murchinson, its largest shareholder, over the validity of the Nano Extraordinary Shareholders’ Meeting, which was convened by Murchinson in March 2023. According to Murchinson, at the meeting, 92% of votes cast supported his proposal to remove four directors from the board, including Yoav Stern, CEO of Nano Dimension.

On April 16, 2023, an Israeli court issued a decision on Murchinson’s request for interim release and ruled that Murchinson would be allowed to appoint two directors to the board of Nano Dimension as observers pending a final decision on the case.

Referring to the court’s decision, Stratasys stated: “Nano Dimension clearly disagrees with the recent court ruling as evidenced by the fact that it has expressed its intention to appeal the decision to the Israeli Supreme Court. Despite the ruling, Nano is led by a board and management team whose legality and authority remain questionable, continued what Stratasys considers an illegal takeover campaign.

Source: www.stratasys.com