Desktop Metal
Desktop Metal (DM) has announced that proxy advisory firm Institutional Shareholder Services (ISS) has recommended that its stockholders vote “FOR” the merger with Stratasys at the upcoming special meeting of Desktop Metal stockholders.
Desktop Metal said that in the ISS report dated September 20, 2023, ISS stated: “Given the opportunity to become part of a larger entity, the potential cost synergies of the proposed combination, and the share form of consideration, which enables DM shareholders to participate in the upside of the combined company, support for the transaction is warranted.”
Desktop Metal issued the following statement: “We are pleased that ISS supports our board’s unanimous recommendation that shareholders vote ‘FOR’ the merger with SSYS. As we first stated in May, the combination of Stratasys and Desktop Metal unites the polymer strengths of Stratasys with the complimentary industrial mass production leadership of Desktop Metal and our breakthrough technologies, such as binder jetting.
“The combined company will create the first additive manufacturing company that will be at scale - targeted to generate more than $1.6 billion in revenue and more than 300 million USD of adjusted EBITDA in 2026 at base case, for a targeted pro forma margin of 20%. Together, we expect to be able to offer customers end-to-end solutions from designing, prototyping, and tooling to mass production and aftermarket operations across the entire manufacturing lifecycle.”
Prior to the statement from Desktop Metal, Reuters also reported that ISS had recommended Stratasys shareholders reject the merger with DM at the upcoming Extraordinary General Meeting of Shareholders (EGM) on September 28. 3D Systems later released a statement supporting the recommendation. Stratasys' largest shareholder Nano Dimension, owner of 14.1% of Stratasys shares, has announced its intention to vote against the Desktop Metal merger.
The special meeting will be held virtually on September 28, 2023. Desktop Metal stockholders of record at the close of business on July 31, 2023 will be entitled to vote at the special meeting.
Read more:
A complete timeline of the Stratasys + Nano Dimension + Desktop Metal + 3D Systems story (so far)
Stratasys and Desktop Metal to merge in deal worth $1.8 billion
TCT Interview – Stratasys CEO Yoav Zeif details the strategy behind Desktop Metal merger
Stratasys to enter discussions with 3D Systems despite Desktop Metal merger agreement
Stratasys and Desktop Metal receive second information request from DOJ’s Antitrust Division
Stratasys’ largest shareholder Nano Dimension to vote against Desktop Metal merger
