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Nano Dimension has introduced the submission of a preliminary all money proposal to accumulate all of the excellent shares of Stratasys that it doesn’t presently personal for $16.50 per share in money, with a capability to extend its worth topic to due diligence.
The corporate owns an approximate 14% shares in Stratasys and has tried a number of instances this yr to accumulate all the remaining shares of the corporate. It has submitted this newest bid to the Stratasys Board regardless of Stratasys not approaching Nano Dimension throughout Stratasys’ strategic alternate options evaluation.
This evaluation of strategic alternate options was introduced after Stratasys terminated its proposed merger with Desktop Metallic, with greater than 75% of Stratasys shareholders rejecting the deal in September. In mild of that, Nano Dimension is once more making an attempt to takeover the corporate, and has felt a public press launch asserting this intent is required. Earlier this week, Stratasys adopted a restricted period Rights Plan to guard shareholder long-term pursuits.
The Nano Dimension press launch making this announcement on December 23, 2023, will be learn beneath in its entirety.
Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, or “Nano” or the “Firm”), a number one provider of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metallic & ceramic Additive Manufacturing (“AM”) 3D printers, in the present day introduced that it has submitted a preliminary all money proposal to the Board of Administrators of Stratasys Ltd. (Nasdaq: SSYS) (“Stratasys”) to buy all of the excellent shares of Stratasys that it doesn’t presently personal for $16.50 per share in money, with a capability to extend its worth topic to due diligence. This proposal represents a 40% premium from the volume-weighted common Stratasys share worth since September 28, 2023, the day that Stratasys introduced that its Board of Administrators initiated a course of to discover strategic alternate options for the Firm, together with a possible sale.
However the general public announcement from Stratasys that it meant to launch a complete strategic evaluation, Nano Dimension’s standing as the most important single shareholder of Stratasys, Nano Dimension’s present liquidity profile together with over $800 million of web money, and Nano Dimension’s publicly introduced prior makes an attempt to accumulate Stratasys, Nano Dimension has not been approached by Stratasys or its representatives throughout Stratasys’ strategic alternate options evaluation. To this finish, a public press launch asserting Nano Dimension’s intent is believed to be required.
Following the proactive submission of its proposal to accumulate Stratasys, Nano Dimension is keen to right away enter customary transaction-related documentation required to finish confirmatory due diligence and seeks to take action within the rapid future. Given Nano Dimension’s deep understanding of Stratasys and the AM trade, solely a brief due diligence interval is anticipated to be required by the Board of Nano Dimension.
Along with financing the proposal with obtainable money readily available, Nano Dimension has entered discussions with financing sources to help any transaction, ought to such help be wanted, and there’s no financing contingency to the proposal. The proposal is topic to the completion of a passable confirmatory due diligence course of and the negotiation and execution of a mutually passable definitive acquisition settlement. There isn’t any assure that an acquisition can be accomplished.
Because the Israel-Hamas struggle started on October seventh, senior management at Nano Dimension have been consumed with making certain that its enterprise and its staff are secure, protected, and supported. Aware that Stratasys itself additionally has a big presence in Israel, Nano Dimension has sought to attenuate pointless disruption. As time has handed and with the inspiration of many Israel-based corporations firmly stabilized, Nano Dimension can now proceed with its publicly acknowledged technique of buying main AM corporations to create the best-in-class market chief for the following technology of growth.
Learn extra:
Stratasys terminates $1.8 billion Desktop Metallic merger after shareholder vote
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