For weeks, 3D printer manufacturer Nano Dimension has been trying to merge with its competitor Stratasys. So far, Stratasys has rejected all offers and is aiming for a merger with Desktop Metal. Now Nano Dimension is again raising its offer for Stratasys.
Originally offering $20.05 per share, Nano Dimension has now raised the price to $24 per share in cash. This offer is for the purchase of between 31.9% and 36.9% of Stratasys’ outstanding common stock. The new price represents a premium to all relevant historical trading levels of Stratasys, including an 85% premium to the unaffected volume-weighted average price (VWAP) for the last 60 days as of March 3, 2023.
According to Nano Dimension, this is the most compelling offer for Stratasys shareholders. The expiration date of the offer period remains unchanged at 5:00 p.m., New York time, on July 24, 2023. If the special tender offer is successful, Nano Dimension would increase its stake in Stratasys to between 46% and 51% of the outstanding common stock. This includes the approximately 14.1% of Stratasys’ outstanding common stock that Nano Dimension currently owns.
Nano Dimension has also nominated seven directors with extensive track records in value creation for election to the Stratasys Board of Directors at the Stratasys Annual Meeting of Shareholders on August 8, 2023. They are to replace the majority of the Stratasys Board of Directors, which Nano Dimension believes has neglected its fiduciary duties to the detriment of Stratasys shareholders’ interests.