The saga between Stratasys (NASDAQ: SSYS) and Nano Dimension (NNDM) took a new turn on Tuesday after Nano Dimension announced a special tender offer to purchase between 38.8% and 40.8% of the outstanding ordinary shares of Stratasys, not already owned by Nano Dimension at an all-cash price of $18 per share. If this offer is accepted, Nano Dimension would own up to 55% of the outstanding Stratasys shares.
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The additive manufacturer’s press release stated that this offer price of $18 per share represented a “premium to all relevant Stratasys historical trading levels, a 26% premium to the unaffected Stratasys closing price as of March 3, 2023, and a 39% premium to the 60-day volume-weighted average price as of March 3.”
Nano Dimension has also asked that Stratasys call a meeting of its shareholders after the completion of the special tender offer and remove a majority of Stratasys’ directors. It has also demanded that these directors be replaced with NNDM’s nominees.
Late last month, Stratasys rejected Nano Dimension’s partial tender offer to acquire ordinary shares of Stratasys for $18.00 per share in cash as it believed that this offer “substantially undervalues the Company and is NOT in the best interests of Stratasys shareholders.” Nano Dimension made this offer following Stratasys’ acquisition of Desktop Metal (DM). Earlier this month, SSYS received an unsolicited offer from 3D Systems Corp. (DDD) in a cash-and-stock deal valuing it at $18 per share.
NNDM stock has sunk by more than 10% in the past year.
