2023-12-27 11:35:00
Anyone who thought that it would be a quiet New Year on the takeover front in the AM industry was not counting on Nano Dimension’s management. The Israeli group is making a new takeover bid for Stratasys. This time an all-cash offer for $1.1 billion.
Nano Dimension and Stratasys were involved in a long takeover battle earlier this year. As a way forward, Stratasys wanted to merge with Desktop Metal, which was ultimately rejected by shareholders. In turn, management rejected several bids from 3D Systems and ultimately the takeover bid from Nano Dimension.
40% premium on the share price
After a few months of rest, a new offer is now on the table. Converted, Nano Dimension wants to pay $16.50 per outstanding share of Stratasys. That is a premium of 40% on the average daily rate since the end of September. In the summer it offered $25 per share. The offer has no reservations regarding the financing of the deal. Nano Dimension has regarding $800 million in cash in its bank account. However, the company is in discussions with parties for additional financial resources. Management says that the due diligence should not take much time because it knows the market and Stratasys well
Strategic reorientation
Stratasys has officially confirmed that an offer is on the table. Management is taking this into account in the strategic repositioning of the group, which has been underway for several months. However, the Board of Directors extended the protective construction once morest an unwanted acquirer a few days before the new offer was received. This construction would normally expire at the end of 2023.
To lose
At the end of November Nano Dimension announced that revenue increased 33% to $41.9 million in the first nine months of 2023. The net loss during this period amounts to $54.3 million. Stratasys booked in the 3e quarterly revenue of $162.1 million (3.3% growth excluding the Makerbot divestiture) and a net loss of $47.3 million. Stratasys’ share price rose to $14.82 following the offer was announced.
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