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The saga continues… Nano Dimension makes another offer to acquire Stratasys at $16.50 per share

Nano Dimension announced it has made an initial all-cash proposal to acquire all of the outstanding shares of Stratasys that it does not currently own at a price of $16.50 per share, with the option to increase the price. The company owns about 14% of Stratasys and has repeatedly tried to acquire all of the company’s remaining shares this year. The new offer was presented to Stratasys management, even though it did not contact Nano Dimension during its evaluation of strategic alternatives.

The strategic alternatives assessment was announced after Stratasys completed its proposed merger with Desktop Metal when more than 75% of shareholders rejected the transaction in September 2023. In light of this, Nano Dimension is once again attempting to acquire the company and has deemed a public press release announcing its intention to do so necessary. Earlier this week, Stratasys adopted a limited-term rights plan to protect shareholders’ long-term interests.

In the press release, Nano Dimension states, among other things:

Nano Dimension (…) announced today that it has made a preliminary all-cash proposal to the Stratasys Board of Directors (…) to purchase all of the outstanding shares of Stratasys it does not currently own for $16.50 per share in cash, with the option to increase prices after due diligence. This proposal represents a premium of 40% to the volume-weighted average share price of Stratasys as of September 28, 2023, the date on which Stratasys announced that its Board of Directors had initiated a process to explore strategic alternatives for the Company, including the potential sale.

(…)

Having proactively submitted a proposal to acquire Stratasys, Nano Dimension is willing to immediately implement the customary transaction-related documentation required to conduct confirmatory due diligence and intends to do so in the near future. Given Nano Dimension’s deep understanding of Stratasys and the AM industry, it is expected that Nano Dimension’s Board of Directors will require only a short period of due diligence.

In addition to funding the proposal with available cash, Nano Dimension has entered into discussions with funding sources to support any transaction should such support be required and the proposal is not dependent on funding. The proposal is subject to the completion of a satisfactory confirmatory due diligence process and the negotiation and execution of a mutually satisfactory definitive acquisition agreement. There is no guarantee that the acquisition will be completed.

Source: www.nano-di.com

Press Release