Nano Dimension Ltd offered to buy the remaining stake in Stratasys Ltd it does not already own for about $1.1 billion, as the Israeli firm looks to scale up its 3D printing business with the acquisition of the larger and older rival.
Shares of Stratasys, which makes industrial 3D printers, rose 15.9% to $16.25 in extended trading after Nano Dimension offered a price of $18 per share, a premium of about 28% to Stratasys’ last close on Thursday.
Stratasys confirmed it had received an unsolicited non-binding indicative offer from Nano Dimension and will review and evaluate the proposal.
Founded in 2012, Nano Dimension currently owns about 14.5% of Stratasys’ outstanding shares and is the largest shareholder in the company that was founded over 30 years ago.
Nano disclosed a 12.12% stake in Stratasys in July last year, shortly after which Stratasys adopted a limited shareholder rights plan or “poison pill”.
Greenhill & Co LLC and Lazard Frères & Co LLC are acting as Nano Dimension’s financial advisers, and Sullivan & Worcester LLP as legal.
Source: Reuters.com