2023-06-02 08:44:37
Where two dogs fight over a bone, the third runs off with it. Will this soon apply to Stratasys? Because suddenly 3D Systems reports as an interested buyer in Stratasys. It has submitted an offer to Stratasys that oddly falls short of Nano Dimension’s latest offer.
Stratasys has the message about the competitor’s offer 3D Systems self released. One would pay $7.50 cash and 1.2507 newly issued shares in 3D Systems for Stratasys. At the price of $8.33, this would mean shareholders would receive $17.91 for each share they own in Stratasys. The Supervisory Board and the Executive Board say they will study the proposal carefully. The top of the group says that they are still unanimously behind the merger plans with Desktop Metal.
3D Systems now offers less than Nano Dimension
Stratasys, like 3D Systems one of the pioneers in the AM industry, has been under fire for months due to the aggressive takeover ambitions of Nano Dimension. That recently increased the offer to $20.05 in cash. Yoav Stern, CEO of Nano Dimension, remains committed to his strategy and believes that the combination of the companies will generate more shareholder value than a standalone Stratasys. So far, Stratasys has rejected every offer from Nano Dimension. This week, the board came out with the message that the original $18 per share of Stratasys does not reflect the value of the company.
Desktop Metal
Meanwhile, Stratasys itself has announced its intention to merge with Desktop Metal. Talks between the two companies have been going on for more than a year. Stratasys CEO Yoav Zeif and Desktop Metal CEO Rick Fulp expressed their enthusiasm for the combination of the two companies in an analyst call last week. This does not prevent Nano Dimension CEO Yoav Stern, who himself is under fire from one of his major shareholders, from continuing to emphasize in a call with analysts that Stratasys is the best under the banner of Nano Dimension. He points out, among other things, that Stratasys has been announcing for several years by breaking the $1 billion mark, which is still far from sight. The merged group would break through this limit in 2025. Time for change if it’s up to him. The last offer expires June 26.
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