Home Industry Stratasys shareholders reject merger with Desktop Metal

Stratasys shareholders reject merger with Desktop Metal

The planned merger of 3D printer manufacturers Stratasys and Desktop Metal has failed. Stratasys announced that its own shareholders voted against the merger at an extraordinary general meeting.

According to a preliminary count, more than 78 percent of Stratasys shareholders voted against the $1.8 billion deal, which was announced in May. As a result, the Stratasys board of directors announced it would consider strategic alternatives.

Desktop Metal CEO Ric Fulop said after the cancellation that his company will remain independent and is not for sale. He said he was disappointed that Stratasys shareholders did not approve the merger. A majority of the company’s own shareholders had voted in favor.

According to Stratasys’ board of directors, the rejection reopened all options to increase shareholder value. Other strategic options, such as mergers or a sale, would now be examined.

Previously, competitor 3D Systems had proposed an alternative merger to Stratasys, which 3D Systems said would have offered greater value to shareholders. Whether this will now become an issue again remains to be seen.

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