Stratasys has rejected Nano Dimension’s latest acquisition offer at 19.55 USD per share and has refuted claims made by the Nano Dimension CEO.
After a careful review of the revised proposal that was submitted by Nano Dimension on March 29th, the Stratasys Board of Directors unanimously rejected the bid. Nano Dimension's initial offer was made on March 10th and was rejected by Stratasys on March 22nd.
Per the review of the proposal, Stratasys has stated that Nano Dimension ‘continues to substantially undervalue’ Stratasys ‘in light of its standalone prospects and is not in the best interest of Stratasys and its shareholders. Again, the company has reiterated its belief that its standalone plan will create ‘significantly greater value’ for its shareholders than the proposal being put forward by Nano Dimension.
Stratasys also felt it necessary to ‘set the record straight’ on the ‘many misleading statements’ made by Nano Dimension CEO Yoav Stern.
- Contrary to statements made by Mr. Stern, Stratasys’ CEO Dr. Yoav Zeif has met with Mr. Stern only once, on March 9, 2023. This meeting was at Mr. Stern’s request. Dr. Zeif did not indicate any support for the proposal and made it clear that Stratasys would respond once the Board’s review of Nano’s proposal was completed. Other than this one meeting, there has been no contact or substantive discussion between Dr. Zeif and Mr. Stern, any directors or any other representatives from either company.
- Contrary to what was implied by Mr. Stern, Dr. Zeif fully agrees with the Board’s decision.
- Contrary to claims made by Mr. Stern, Stratasys directors receive the majority of their board compensation (which is approved by the Stratasys shareholders) in Stratasys equity and are aligned with the interests of Stratasys shareholders.
In rejecting this latest takeover offer, Stratasys also called into the question the ‘composition and authority’ of Nano’s board and management, citing Nano Dimension’s pending court litigation with its largest shareholder Murchinson Ltd. While Murchinson suggests a shareholders meeting saw the approval of two new directors being appointed to the Nano Dimension Board and the removal of Stern and three others, Nano Dimension claims the meeting and the vote was invalid.
Nano Dimension remains the largest single shareholder of Stratasys with around 14% of shares. Last year, Nano Dimension purchased more than 12% of Stratasys shares, which led Stratasys to deploy a shareholders rights plan.
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