Nano Dimension Has submitted a revised offer for takeover to the Stratasys Board of Directors, Valuation of each remaining share at 19.55 Dollars
Nano Dimension will acquire the remaining shares in Stratasys under the terms of the revised proposal. This would amount to approximately 1.2 billion USD, fully diluted. Nano Dimension rejected Stratasys’ initial offer last week. It was approximately 1.1 million USD. The new offer is a 1.55 USD increase per share.
Nano Dimension, which is the largest Stratasys shareholder with 14.5% of the outstanding shares, says this offer represents a premium of 37% to the closing trading price as of March 3rd, 2023, a 40% premium to the company’s 30-day VWAP, 51% premium to the 60-day VWAP and a 47% premium to the 90-day VWAP as of March 3rd, 2023.
Nano Dimension made an improved offer and asked the Stratasys Board for discussions about the business combination. They also requested that the shareholders rights plan that Stratasys had deployed in July 2022 be removed.
“Our increased, all-cash offer demonstrates our commitment to consummating this strategic combination, which will deliver immediate and certain value to Stratasys shareholders at a compelling premium and enable us to create the preeminent leader in the rapidly growing AM market,” commented Yoav Stern, Nano Dimension’s Chairman and Chief Executive Officer. “We are prepared to move quickly to complete our due diligence and engage with Stratasys to finalize a mutually agreeable transaction.
“Nano Dimension believes in the quality of Stratasys management and its line-leaders, and we are therefore extending this Improved Proposal. We again invite the Stratasys’ Board of Directors (“Stratasys’ Board”) to engage in an open and constructive dialogue with us around a combination of our businesses. We also urge the Stratasys Board to take immediate steps to remove the company’s ‘poison pill’ and allow shareholders to voice their opinion on the proposed transaction and we are committed to giving Stratasys shareholders the power to decide on the merits of our compelling offer.”
Read More:
Explained: Why Nano Dimension invested in Stratasys
Explained: The power struggle in Nano Dimension
Nano Dimension is pitching the business deal to Stratasys to position it as a ‘consolidator in a highly fragmented market landscape with small and medium businesses that have many potential targets. The deal would include Stratasys polymer portfolio, as well as its own ceramics AM and AME capabilities.
In rejecting Nano Dimension’s initial takeover bid last week, Stratasys said: “Following the review, the Stratasys Board concluded that Nano’s proposal substantially undervalues the Company in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders.’
It also noted its Board and management team are confident that the company’s standalone plan will create ‘significantly greater’ value for its shareholders than the proposal from Nano Dimension.
Have a question? Join the conversation on the TCT Additive Manufacturing Network.
Get your FREE print subscription to TCT Magazine.
Exhibit at the UK’s definitive and most influential 3D printing and additive manufacturing event, TCT 3Sixty.