Stratasys urges shareholders to not tender shares into Nano’s deal

Stratasys (SSYS) urged its shareholders NOT to tender their shares into Nano Dimension’s (NNDM) unsolicited partial tender offer to acquire ordinary shares of Stratasys for $18 per share in cash, and to deliver a Notice of Objection against the partial tender offer. “The Stratasys Board believes that Nano’s partial offer of $18 per share substantially undervalues Stratasys’ industry-leading position and growth opportunities, which are even larger in light of the pending merger with Desktop Metal. Nano’s partial tender offer is a coercive, highly opportunistic and self-interested attempt to acquire control of Stratasys and derail the Company’s significant growth opportunities and strategic plan for value creation. Don’t be misled: There is substantial risk that Nano’s partial tender offer will never be consummated or will be significantly delayed. Moreover, Nano’s campaign is led by a Board and management team whose legitimacy and composition remains in doubt. Consequently, Nano’s legal authority to make and consummate the partial tender offer remains subject to adjudication in the Israeli courts due to ongoing litigation with its largest shareholder, Murchinson. Additionally, Nano’s management team has demonstrated a disregard for shareholder value and is ill-equipped to successfully operate a global business at the scale of Stratasys, underscored by Nano’s track record of poor leadership, governance policies and reporting standards as well as a history of value-destructive acquisitions, including DeepCube and NanoFabrica.”