After review, the Stratasys Board of Directors carefully reviewed and evaluated the proposal, concluding that Nano’s proposal substantially undervalues the Stratasys “in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders.”
In a release, Stratasys’ Board and management team said they are confident that the company’s standalone plan will create significantly greater value for its shareholders than the Nano proposal.
Stratasys says it delivered its sixth consecutive quarter of profitability on an adjusted basis despite a challenging economic environment, and that “the company remains laser focused on executing its strategy and managing its operations to effectively deliver sustained, profitable growth.”
J.P. Morgan is acting as financial advisor to Stratasys, and Meitar Law Offices and Wachtell, Lipton, Rosen & Katz are serving as legal counsel.
Engineering.com reached out to Nano Dimension through its public relations firm FGS Global for comment, but the company declined to comment.
Nano Dimension’s chairman and CEO Yoav Stern says in a video published to Youtube on the morning of March 13, 2023, that Stratasys has good technology and demonstrated strong go-to-market abilities, but it’s focus on polymer printing was a hinderance and overpaid significantly for a number of acquisitions.
Stern says Nano Dimension believes a combination of the two companies will unlock growth and value creation, such as:
- Establish a market-leading portfolio of complementary systems, materials, software and complete Solutions
- Accelerate R&D
- Enhance market penetration, new customer acquisition and cross-selling opportunities
- Generate synergies
- Provide attractive opportunities to management and employees
- Become a leader in growth and profitability
Update 23/3/2023: Nano dimension has released a statement regarding Stratasys' response:
“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.”