The takeover battle for polymer 3D printing solutions company, Stratasys (NASDAQ: SSYS) continued on Friday as the company rejected the separate offers from both Nano Dimension (NNDM) and 3D Systems Corp. (NYSE: DDD). SSYS dipped in morning trading on Friday.
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Stratasys stated on Friday that NNDM’s revised partial tender offer to acquire ordinary shares of Stratasys for $20.05 per share in cash “substantially undervalues the Company and is NOT in the best interests of Stratasys shareholders. Accordingly, the Board unanimously recommends that shareholders reject the revised offer and deliver a Notice of Objection against the offer.”
Stratasys added that the “unfair, coercive offer process constructed by Nano makes it difficult and confusing for shareholders that own Stratasys shares beneficially (as do a vast majority of Stratasys shareholders) to file a Notice of Objection.”
The company also stated that the 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 is “is opportunistic, continues to materially undervalue Stratasys, does not constitute a “Superior Proposal” and does not provide a basis upon which to enter into discussions with 3D Systems.”
Stratasys added that DDD’s proposal did not provide a basis for the company to enter into discussions with them after Stratasys’ decision to combine with Desktop Metal (DM) last month.
Earlier in the day, the Donerail Group, which has an ownership interest of 2.3% in Stratasys urged the company to accept 3D Systems offer which could likely lead to a superior proposal and terminate its planned merger with Desktop Metal.
Analysts are bullish about SSYS stock with a Strong Buy consensus rating based on five Buys and one Hold.
