3D Systems reaffirms commitment to Stratasys combination

3D Systems (DDD) responded to today’s announcement by Stratasys Ltd. (SSYS) that Stratasys continues to refuse to engage with the company to discuss a business combination transaction despite the opportunity to create superior value for Stratasys shareholders. On June 27, 2023, the company submitted an enhanced proposal to combine with Stratasys in a transaction that would reward Stratasys shareholders with a package of stock and cash consideration, representing a market value of $20.84 per Stratasys share as of the close of trading yesterday. President and CEO Jeffrey Graves stated, “The Stratasys Board has made the perplexing decision to not engage with us to reach a mutually agreed upon, friendly transaction that we believe would unlock value for all shareholders. Frankly, we are surprised that in their quick rejection, Stratasys’ Board did not acknowledge or refute the merits of our proposed transaction, or respond to the market’s concerns about the value destruction of the Desktop Metal (DM) merger.” Continued Graves, “We are hearing from a spectrum of Stratasys shareholders that they understand and believe that a combination between 3D Systems and Stratasys offers an unparalleled option for certainty, scale and long-term growth. This feedback from Stratasys’ own shareholders only strengthens our conviction that this is the right deal at the right time. It is concerning that, as public company directors, the Stratasys Board is ignoring these signals from its investors. It is difficult to understand their rationale, which we think raises questions as to whether they have entrenched themselves in a position that demonstrates an absence of focus on maximizing shareholder value.”