Shares of Nano Dimension (NASDAQ: NNDM) fell in morning trading on Wednesday after the supplier of Additively Manufactured Electronics (AME) announced that it is looking to commence a special tender offer targeting ownership of at least 51% of the outstanding shares of Stratasys (SSYS) for $18 per share in cash. This also includes around 14.5% of Stratasys’ outstanding common shares that Nano Dimension currently owns.
The company stated that it “remains willing to negotiate in good faith a consensual transaction at its previously announced “best and final” offer of $20.05 per share, subject to receiving necessary diligence. However, in the event the Stratasys Board of Directors continues its unwillingness to engage with Nano Dimension, the Company is prepared to commence this special tender offer.”
This cash offer would represent a premium of 26% to the closing trading price as of March 3rd and a 29% premium to the company’s 30-day Volume Weighted Average Price (VWAP). Moreover, Nano Dimension is looking at seeking relief from an Israeli court to confirm that according to Israeli Companies Law, “Stratasys’ poison pill cannot be triggered in response to a special tender offer targeting Nano Dimension’s ownership of at least 51% of Stratasys’ outstanding shares.”
The saga of NNDM chasing Stratasys has seen many ups and downs over the past few days after Stratasys rejected Nano Dimesnion’s earlier offer of $19.55 per share.
NNDM stock has tanked by more than 20% in the past year.
