The shares of Stratasys Ltd. (NASDAQ: SSYS) experienced a notable uptick during the trading session on Tuesday, marking a substantial 13.04% increase to culminate at $14.82. This surge in SSYS stock was triggered by significant developments in a takeover endeavor.
Stratasys (SSYS) recently received a preliminary proposal from Nano Dimension, indicating a desire to acquire all SSYS shares not currently owned. The suggested deal values each SSYS share at $16.50 in cash.
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As of September 28, 2023, the Stratasys Board of Directors, working alongside independent financial and legal advisors, began an in-depth exploration of strategic options for the company. Nano’s uninvited preliminary offer will undergo careful examination as a vital part of this strategic assessment. Nano Dimension had previously declared its submission of a preliminary all-cash proposal to the SSYS Board a day earlier in the preceding week.
The proposal retains the flexibility to enhance its offer following a thorough due diligence process. Notably, this proposition represents a 40% premium over the volume-weighted average SSYS share price since September 28, 2023, the date when Stratasys publicly announced the initiation of strategic alternatives exploration.
Despite Nano Dimension’s prominent status as the largest single shareholder of Stratasys, its robust current liquidity position exceeding $800 million in net cash, and its prior publicized attempts to acquire Stratasys, there has been no outreach from Stratasys or its representatives during the ongoing assessment of strategic alternatives.
In response to the proactive submission of the acquisition proposal, Nano Dimension is prepared to promptly engage in customary transaction-related documentation necessary for conclusive due diligence. This process is anticipated to be expeditious, given Nano Dimension’s profound understanding of Stratasys and the additive manufacturing industry, thus necessitating only a concise due diligence period as envisioned by the Nano Dimension Board.
Aside from utilizing existing cash reserves to fund the proposition, Nano Dimension is in talks with potential financing sources to back the transaction if required. Importantly, the proposal doesn’t hinge on securing financing, as there is no financing contingency attached.
