Stratasys says ‘nothing new’ in 3D Systems’ September 13 announcement

Stratasys (SSYS) issued the following statement in response to a press release issued by 3D Systems (DDD) on September 13: “The proposal referenced in 3D Systems’ press release on September 13 did not revise the terms, or change any substantial details, of the revised proposal made by 3D Systems on September 6. The Stratasys Board of Directors previously reviewed 3D Systems’ September 6 revised proposal and unanimously determined that the revised proposal, which is 35% lower than the value implied by 3D Systems’ July 13 proposal and comprises consideration with a nominal value of only $15.26 per Stratasys ordinary share as of September 11, 2023, continues to significantly undervalue Stratasys and does not constitute a “Superior Proposal” as defined in Stratasys’ merger agreement with Desktop Metal (DM). The merger agreement filed by 3D Systems on September 13 is in substantially the same form as it shared with the Stratasys Board on September 6, as 3D Systems itself admits. The Stratasys Board’s response to 3D Systems’ September 6 revised proposal remains unchanged.”