Israeli 3D printing company Nano Dimension (Nasdaq: NNDM) is making a renewed attempt to buy Israeli polymer 3D solutions company Stratasys (Nasdaq: SSYS). Yesterday Nano Dimension offered to buy all Stratasys's shares in cash for $16.50 per share, a 25.9% premium on the company's current share price.
After raising more than $1.5 billion in cash on Nasdaq during the boom times between 2020 and 2022, Nano Dimension bought a 14% stake in Stratasys in the summer of 2022. Since then it has made offers to purchase that have been rejected by Stratasys. At the same time Stratasys announced a merger with US company Desktop Metal and another US company 3D Systems tried to acquire Stratasys.
Ultimately no deal was ever completed as Stratasys rebuffed the takeover attempts by Nano Dimension and 3D Systems while Stratasys shareholders opposed the merger with Desktop Metal. Now Nano Dimension is trying again at a company value of $1.1 billion considerably lower than its most recent offer of $24 per share in July.
Earlier this year, to protect itself against a hostile takeover, Stratasys adopted a "poison pill" tactic whereby if any shareholder reaches a holding of 15% of its shares, all the other shareholders will be able to buy one more share for each share they hold for just $0.01. On Friday, Stratasys announced that it is extending the poison pill mechanism to December 2024.
Published by Globes, Israel business news - en.globes.co.il - on December 24, 2023.
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