Stratasys board rejects Nano Dimension revised partial tender offer

Stratasys (SSYS) announced that its board of directors, after consultation with its independent financial and legal advisors, unanimously determined that the revised partial tender offer by Nano Dimension (NNDM) on June 27 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. On May 30, the Stratasys board rejected Nano’s previous partial tender offer to acquire ordinary shares of Stratasys for $18.00 per share in cash. Stratasys urges shareholders not to tender into Nano’s partial offer. Tendering into Nano’s partial offer would only encourage Nano’s opportunistic and coercive attempt to acquire Stratasys at an inadequate price. Unlike tender offers in the United States, under Israeli rules, Nano’s tender offer will fail if the shares covered by submitted notices of objection are greater than or equal to the number of shares tendered in the offer. Therefore, in addition to not tendering, filing a notice of objection could help cause the tender to fail. Simply not tendering could result in non-tendering shareholders being left as minority shareholders in a company controlled by Nano. Therefore, we strongly urge shareholders to file their notice of objection in order to reduce the risk of becoming a minority shareholder.