Nano announces preliminary proposal to acquire Stratasys for $16.50 per share

Nano Dimension (NNDM) announced that it has submitted a preliminary all cash proposal to the Board of Directors of Stratasys (SSYS) to purchase all the outstanding shares of Stratasys that it does not currently own for $16.50 per share in cash, with an ability to increase its price subject to due diligence. This proposal represents a 40% premium from the volume-weighted average Stratasys share price since September 28, 2023, the day that Stratasys announced that its Board of Directors initiated a process to explore strategic alternatives for the Company, including a potential sale. Notwithstanding the public announcement from Stratasys that it intended to launch a comprehensive strategic review, Nano Dimension’s standing as the largest single shareholder of Stratasys, Nano Dimension’s current liquidity profile including over $800M of net cash, and Nano Dimension’s publicly announced prior attempts to acquire Stratasys, Nano Dimension has not been approached by Stratasys or its representatives during Stratasys’ strategic alternatives assessment. Following the proactive submission of its proposal to acquire Stratasys, Nano Dimension is willing to immediately enter customary transaction-related documentation required to complete confirmatory due diligence and seeks to do so in the immediate future. Given Nano Dimension’s deep understanding of Stratasys and the AM industry, only a short due diligence period is expected to be required by the Board of Nano Dimension. In addition to financing the proposal with available cash on hand, Nano Dimension has entered discussions with financing sources to support any transaction, should such support be needed, and there is no financing contingency to the proposal. The proposal is subject to the completion of a satisfactory confirmatory due diligence process and the negotiation and execution of a mutually satisfactory definitive acquisition agreement. There is no guarantee that an acquisition will be completed.