Stratasys, a leading polymer 3D printing solutions company, announced on Thursday that it will be exploring strategic alternatives following the rejection of its merger terms with Desktop Metal by shareholders. These alternatives include a possible sale, strategic transaction, or another potential merger.
In May, Stratasys had agreed to acquire Desktop Metal in a stock swap deal valued at approximately $600 million. However, a preliminary count of votes cast at the extraordinary general meeting indicated that the terms of the merger agreement would not be approved. Consequently, the merger agreement with Desktop Metal was terminated.
In recent months, Stratasys has received takeover offers from other companies, including 3D Systems and Nano Dimension. 3D Systems proposed acquiring the company for $7.50 in cash and 1.5444 newly issued shares of 3D Systems stock per share of Stratasys. On the other hand, Nano Dimension offered to increase the price for Stratasys ordinary shares to $25 in cash and acquire between 31.9% and 36.9% ownership of the company’s outstanding ordinary shares not already owned by Nano.
Despite these competing offers, the board of directors at Stratasys rejected both, affirming that the planned merger with Desktop Metal remains the best option for shareholders.
Following the decision by shareholders, Stratasys Chairman Dov Ofer stated that the company will now initiate a comprehensive and thorough review of all available strategic alternatives. However, Stratasys cautioned that there is no certainty that this review process will lead to a specific transaction or outcome.
In conclusion, with the rejection of its merger terms by shareholders, Stratasys is now exploring various strategic alternatives to determine the best path forward for the company.
TechBerry
Happy Galaxy
Forex Cyborg
Forex Fury
FXgoodway