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Update 20:50: Adds a Stratasys comment.
Stratasys (NASDAQ:SSYS) increased 8.7% after Nano Dimension (NASDAQ:NNDM) raised its offer for the 3D printing company to $19.55 per share after its previous offer was rejected. Nano Dimension marked 0.4%.
Low the Nano Dimension offer (NNDM) would acquire the remaining shares it does not yet own for about $1.2 billion, according to a statement. The offer, a 9% premium to its original offer from earlier this month, represents a 37% premium to Stratasys (SSYS) shares traded on March 3.
The offer increase comes after Stratasys (SSYS) last Wednesday rejected an $18 per share cash offer for Nano Dimension, saying it would not be in the best interest of shareholders.
Stratasys (SSYS) confirmed in a statement that it received the unsolicited offer from Nano Dimension (NNDM) and will review and evaluate it, reiterating that its board rejected the original offer because it “substantially undervalued” the 3D company.
The pushback from Stratasys (SSYS) came after Nano Dimension (NNDM) became involved in a fight with its largest shareholder, Murchinson, which is trying to win board seats and seeks Stern’s removal. Murchinson said he received “overwhelming support” for the removal of three directors and the chairman in a vote earlier this month, a vote that Nano Dimension called illegal.
“Our highest cash offer demonstrates our commitment to consummating this strategic combination, which will deliver immediate and certain value to Stratasys shareholders at an attractive price and allow us to create the preeminent leader in the fast-growing AM market,” said Yoav Stern. , the president and CEO of Nano Dimension said in the statement.
Murchinson is the largest shareholder in NNDM with a 5.5% stake. Earlier this month, NNDM head Anson Funds, which disclosed it held a 5.1% stake in a 13-D filing, urged the company to halt its planned offering for Stratasys (SSYS), specifically because NNDM was involved in the power battle with Murchinson.
