07.18.23
Nano Dimension Ltd., a leading supplier of additively manufactured electronics (AME) and multi-dimensional polymer, metal and ceramic additive manufacturing (AM) 3D printers, announced the following actions that highlight a clear path to maximizing value for shareholders of Stratasys Ltd.
Nano Dimension has increased its special tender offer price to $25.00 per share from $24.00, in cash, less any required withholding taxes and without interest, to purchase between 31.9% and 36.9% of the outstanding ordinary shares of Stratasys.
The expiration date of the offer period has been extended to 5:00 p.m., New York Time, on July 31, 2023 (unless further extended or earlier terminated).
Tendering shares to Nano will deliver 233% more cash to Stratasys shareholders in the near-term than any currently available alternative and preserves the ability to generate future value creation through strategic M&A opportunities.
The increased price represents a significant premium to all relevant Stratasys historical trading levels, including a 93% premium to the unaffected 60-day average share price.
The successful completion of the special tender offer would increase Nano Dimension’s beneficial ownership of Stratasys to between 46% and 51% of the outstanding ordinary shares, inclusive of the approximately 14.1% of Stratasys’ outstanding ordinary shares that Nano Dimension currently owns.
Nano also announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) in connection with its proposed special tender offer of Stratasys had expired and no further regulatory review by U.S. antitrust authorities is required in connection with the offer.
Nano believes the current terms of 3D Systems, Inc. offer is misleading, not in the best interests of Stratasys’ shareholders, and present significant share price uncertainty and transaction closing risk.
As Stratasys’ largest shareholder, Nano Dimension opposes Stratasys’ proposed combination with Desktop Metal, Inc., which, as structured, is highly dilutive and greatly overvalues Desktop Metal’s cash-burning business.
Nano Dimension has increased its special tender offer price to $25.00 per share from $24.00, in cash, less any required withholding taxes and without interest, to purchase between 31.9% and 36.9% of the outstanding ordinary shares of Stratasys.
The expiration date of the offer period has been extended to 5:00 p.m., New York Time, on July 31, 2023 (unless further extended or earlier terminated).
Tendering shares to Nano will deliver 233% more cash to Stratasys shareholders in the near-term than any currently available alternative and preserves the ability to generate future value creation through strategic M&A opportunities.
The increased price represents a significant premium to all relevant Stratasys historical trading levels, including a 93% premium to the unaffected 60-day average share price.
The successful completion of the special tender offer would increase Nano Dimension’s beneficial ownership of Stratasys to between 46% and 51% of the outstanding ordinary shares, inclusive of the approximately 14.1% of Stratasys’ outstanding ordinary shares that Nano Dimension currently owns.
Nano also announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) in connection with its proposed special tender offer of Stratasys had expired and no further regulatory review by U.S. antitrust authorities is required in connection with the offer.
Nano believes the current terms of 3D Systems, Inc. offer is misleading, not in the best interests of Stratasys’ shareholders, and present significant share price uncertainty and transaction closing risk.
As Stratasys’ largest shareholder, Nano Dimension opposes Stratasys’ proposed combination with Desktop Metal, Inc., which, as structured, is highly dilutive and greatly overvalues Desktop Metal’s cash-burning business.