The race to acquire polymer 3D printing solutions company, Stratasys (NASDAQ: SSYS) took a new turn on Tuesday after the company confirmed that it had received a revised unsolicited non-binding proposal from 3D Systems Corp. (NYSE: DDD) to acquire Stratasys for $7.50 in cash and 1.3223 newly issued shares of 3D Systems common shares per ordinary stock of Stratasys.
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Stratasys stated in its press release that the company’s Board of Directors will “carefully review the revised 3D Systems proposal in consultation with its independent financial and legal advisors and in accordance with its duties under applicable law, and its obligations under Stratasys’ merger agreement with Desktop Metal.” Last month, Stratasys announced $1.8 billion acquisition of Desktop Metal (DM).
In response to the bid by DDD for Stratasys, Nano Dimension (NNDM), a supplier of Additively Manufactured Electronics (AME) upped its bid for Stratasys to $20.05 per share in cash from its prior bid of $18 per share, extended the offer period to July 24, 2023 and changed the percentage of Stratasys shares being sought in the offer to be in the range of 31.9% to 36.9% from the prior range of 38.8% to 40.8%.
NNDM stated in its press release that the revised offer price represents a 54.4% premium “to the unaffected 60-day VWAP [Volume Weighted Average Price] as of March 3rd, 2023″ and that this “special tender offer remains the only alternative available to Stratasys shareholders that provides certain, near-term cash at a compelling premium and provides the quickest path for Stratasys shareholders to realize premium value.”
SSYS had rejected NNDM’s earlier partial tender offer of $18 per share in cash.
Analysts remain bullish about SSYS stock with a Strong Buy consensus rating based on five Buys and one Hold.