The Chemical Connection: Don’t Just Blame the Etcher
Nolan's Notes: ConvergenceNano Dimension to Review its Options Relative to Stratasys and Other Strategic Acquisition Targets
March 24, 2023 | Nano Dimension Ltd.Estimated reading time: Less than a minute
Nano Dimension Ltd., the largest active shareholder of Stratasys Ltd. with a 14.5% ownership stake, issued the following statement in response to Stratasys’ rejection of its proposal to acquire Stratasys for $18.00 per share in cash. The all-cash offer reflected a 36% premium to the unaffected closing stock price as of March 1, 2023, and a 31% premium to the 60-day VWAP through March 1, 2023.
“We are disappointed in Stratasys’ refusal to engage with Nano Dimension regarding our compelling offer, which would have delivered immediate value at a substantial premium to Stratasys’ shareholders amid a challenging market environment,” said Yoav Stern, Chairman and Chief Executive Officer of Nano Dimension. “After constructive discussions with Stratasys’ CEO, we were surprised that the Stratasys Board was unwilling to engage in an open dialogue around a combination of our businesses. While we remain open to discussions, we are disciplined with regards to our growth strategy and will consider our options, relative to both Stratasys and alternative strategic acquisition targets currently under review.”
Greenhill & Co., LLC and Lazard Frères & Co., LLC are acting as Nano Dimension’s financial advisors, and Sullivan & Worcester LLP is serving as legal advisor.
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