3D Systems makes Stratasys takeover attempt

Stratasys confirmed the receipt of an ‘unsolicited’ proposal from 3D Systems on June 1.

by Oliver Johnson

2 June 2023

09:48

Stratasys/3D Systems

Stratasys has announced that it has received an ‘unsolicited non-binding indicative proposal from 3D Systems Corporation to acquire the company for 7.50 USD in cash and 1.2507 newly issued shares of common stock of 3D Systems per ordinary share of Stratasys.

As announced on May 25, 2023, Stratasys has entered into a merger agreement with Desktop Metal, Inc. under which the two companies are set to combine in an all-stock transaction, creating a new company valued at an estimated 1.8 billion USD. The transaction, which is expected to close in the fourth quarter of 2023, is subject to customary closing conditions, including the approval of Stratasys shareholders and Desktop Metal's stockholders and the receipt of governmental and regulatory approvals.

Stratasys says its board of directors will carefully review the 3D Systems proposal, in accordance with its fiduciary duties, and its obligations under Stratasys’ merger agreement with Desktop Metal, in consultation with its independent financial and legal advisors.

According to Stratasys’ statement on the matter, it has not yet made any determination as to the 3D Systems proposal within the framework contemplated by the Desktop Metal merger agreement, which it says remains in effect. Stratasys adds that the company also has not changed its unanimous approval, recommendation and declaration of the advisability of the agreed transaction with Desktop Metal.

Read more:

Stratasys and Desktop Metal to merge in deal worth $1.8 billion

Stratasys & Desktop Metal: What we know so far

Nano Dimension commences special tender offer for Stratasys takeover as Desktop Metal business combination announcement

7 things we learned from Stratasys & Desktop Metal's Joint Transaction Investors Call

Stratasys board unanimously rejects partial tender offer from Nano Dimension

Desktop Metal adopts shareholder rights plan to ‘maximise value’ in deal with Stratasys

In the statement on the 3D Systems offer, Stratasys said that its shareholders do not need to take any action at this time in regards to the proposal.

At the time of writing, Stratasys has now rejected a total of five different offers from Nano Dimension, three cash offers and two partial tender offers. On May 30, 2023, Stratasys announced that its board, after consultation with its independent financial and legal advisors, unanimously determined that the partial tender offer from Nano Dimension to acquire ordinary shares of the company for 18.00 USD in cash ‘substantially undervalues the company’ and is not in the best interests of its shareholders.

With regards to this offer from Nano Dimension, Stratasys’ board unanimously recommended that its shareholders reject the offer and deliver a notice of objection against it.

JP Morgan is acting as an exclusive financial advisor to Stratasys, and Meitar Law Offices and Wachtell, Lipton, Rosen & Katz are serving as legal counsel.

by Oliver Johnson

2 June 2023

09:48

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