This post was originally published on this site
Nano Dimension Ltd (NASDAQ:NNDM) announced Friday that they have made a formal, non-binding offer to acquire Stratasys Ltd (NASDAQ:SSYS) for $18.00 per share in cash.
Nano Dimension views Stratasys as a strategic, complementary asset in the relatively mature polymer-based AM market segment, and said that the proposed transaction would create a market leader with unparalleled portfolio of materials, software, and deep learning with a go-to-market strength in the form of sales channels.
Yoav Stern, chairman and chief executive officer of Nano Dimension, shared, “We have great respect for Stratasys’ business, including Chief Executive Officer, Dr. Yoav Zeif, who we believe is the architect of Stratasys’ recent positive momentum. Together, Nano Dimension and Stratasys can offer an increasingly exciting set of solutions for customers while becoming better positioned to compete in the AME and AM industries. We believe this is an exceptional opportunity for all stakeholders – shareholders, customers, management, employees, and business partners – of both companies. In recent years the AM market has grown in size and accelerated remarkable technological advancement, and it is on the cusp of its next phase of development and growth. Bringing Stratasys and Nano Dimension together is about positioning both companies to succeed as a combined company and lead the industry into that next phase. With Nano Dimension’s strong culture of innovation and track record of successful merger integration, we expect to unlock significant value for all stakeholders. We look forward to continuing our discussions with Stratasys to reach a mutually acceptable transaction.”
Under the terms of the proposal, Nano Dimension would acquire the remaining shares of Stratasys for total consideration of approximately $1.1 billion in cash. The proposal delivers immediate and certain value to Stratasys’ shareholders and vastly strengthens the company’s ability to capitalize on opportunities and navigate the challenges of the current environment.
Shares of NNDM are down 5.81%, while shares of SSYS are up 12.13% in premarket trading on Friday.
