Stratasys Board rejects acquisition proposal from Nano Dimension
The offer was described as unsolicited and undervaluing longer term potential
The Stratasys Ltd. (Nasdaq: SSYS) Board of Directors has unanimously rejected the proposal it received from Nano Dimension Ltd. (Nasdaq: NNDM) to acquire Stratasys for $18.00 per share in cash. The offer was described as unsolicited and undervaluing Stratasys.
Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Stratasys Board of Directors carefully reviewed and evaluated the proposal. Following the review, the Stratasys Board concluded that Nano’s proposal substantially undervalues the Company in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders.
Stratasys’ Board and management team are confident that the Company’s standalone plan will create significantly greater value for its shareholders than the Nano proposal. Stratasys recently delivered its sixth consecutive quarter of profitability on an adjusted basis despite a challenging economic environment, and the Company remains laser-focused on executing its strategy and managing its operations to effectively deliver sustained, profitable growth.
J.P. Morgan is acting as financial advisor to Stratasys, and Meitar Law Offices and Wachtell, Lipton, Rosen & Katz are serving as legal counsel.