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Replace 9:05pm: Updates with Stratasys remark.
Nano Dimension (NASDAQ:NNDM) supplied to amass 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 statement. 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 acquired the unsolicited bid and mentioned its board will rigorously assessment the proposal and decide what motion is in one of the best of the corporate and its shareholders, in line with a statement late Thursday.
Nano Dimension’s has been Stratasys’s (SSYS) largest shareholder since July 2022 and at the moment owns a 13.7% stake on a completely diluted foundation. NNDM mentioned the supply represents a 36% premium to Stratasys’s closing worth on March 1. The supply represents a 29% premium to SSYS closing worth on Thursday.
“We’re extremely assured within the deserves of the proposed transaction and we strongly imagine the supply represents a horny proposal for all stakeholders of the corporate,” Nano Dimension wrote in its letter to the SSYS board.
Stratasys (SSYS) did not instantly reply to Searching for Alpha request for remark.
The supply comes as Nano Dimensions has been engaged in a struggle with it largest shareholder Murchinson, which is making an attempt to get board seats and seeks the ouster of the corporate’s Chairman Yoav Stern. Earlier Thursday influential proxy service ISS recommended that shareholders vote to support all of Murchinson’s board nominees and removing of chairman Yoav Stern.
Final month Nano Dimension (NNDM) mentioned it employed Lazard Ltd. as an advisor for strategic mergers & acquisitions and to handle a problem from Murchinson. Lazard has been working with the corporate on potential transformative acquisitions and “growth maximization strategies.”
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 more of the company’s stock, with the tablet set to run out July 24.
