Nano Dimension Ltd. has raised its bid for 3-D printer manufacturer Stratasys Ltd. once again. The new offer is set at $25 per share in cash, up from the previous $24. Nano Dimension aims to acquire between 31.9% and 36.9% of Stratasys’ shares. The expiry date for the offer has been extended to 5:00 p.m., Eastern on July 31.
Nano Dimension emphasizes that tendering shares to them will provide Stratasys shareholders with 233% more cash in the near-term compared to any other options available. Furthermore, it highlights that this transaction preserves the potential for future value creation through strategic mergers and acquisitions.
The increased price of $25 per share represents a 93% premium over Stratasys’ unaffected 60-day average share price. This offer comes following Stratasys’ recent announcement that it considers 3D Systems Corp.’s raised cash-and-stock buyout bid as a “superior proposal” according to its merger agreement with Desktop Metal Inc. As a result, Stratasys intends to engage in discussions with 3D Systems regarding its unsolicited bid.
In response to Nano Dimension’s latest unsolicited cash partial tender offer, Stratasys unanimously rejects it, citing it as “misleading, coercive, and substantially undervaluing the company.”
The battle for control over Stratasys has been ongoing since May, with three major players vying for dominance. Pre-market trading shows Stratasys stock up 3.4%, while Nano Dimension remains untraded and 3D Systems is up 2.4%.