3D Systems has pushed Stratasys to take up its merger offer after recent shareholder feedback indicated a lack of thorough exploration of all potential offers before agreeing to a merger with Desktop Metal.
Yesterday, we reported how almost 80% of Stratasys shareholders voted against the merger of Stratasys and Desktop Metal.
Now, 3D Systems says reports from ISS and Glass Lewis, coupled with a definitive vote from Stratasys shareholders, favor the binding offer from 3D Systems, which provides scale, certainty, and immediate value.
The offer, proposed on September 13, 2023, runs out on October 5, 2023, unless accepted by Stratasys. However, acknowledging some stakeholders’ concerns, 3D Systems has shown flexibility by offering to amend its proposal to include a 60-day period where Stratasys can actively seek alternative offers. This arrangement also permits Stratasys to opt out if a better deal surfaces.
Dr. Jeffrey Graves, the President and CEO of 3D Systems, voiced confidence in the proposition and highlighted the significant opportunity it presents for both Stratasys shareholders and the broader additive manufacturing industry, emphasizing the potential for scale and synergies. He noted their offer as a ‘bird in the hand’ for Stratasys, given the market’s evident approval and other offers Stratasys has received in recent months.
“We continue to believe that a combination between 3D Systems and Stratasys presents the most attractive opportunity for Stratasys shareholders and the additive manufacturing industry at large, given the massive opportunity for scale and synergy realization,” said President and CEO Dr. Graves.
The 3D Systems CEO added, “Our binding offer, which remains available until October 5, and our willingness to include a go-shop period in that offer now presents Stratasys with a unique ‘bird in the hand,’ allowing its Board to enter into a transaction that the market agrees will create significant value, while offering flexibility to explore other offers. This amendment reflects our confidence in the superior value of our proposal and our belief that the market has already had more than enough time to evaluate interest in Stratasys, which has already yielded ten offers for Stratasys in the last six months.”
Nano Dimension has yet to announce whether it intends to reignite its merger aspirations.
Nominations are still open for the 2023 3D Printing Industry Awards.
Featured image shows 3D Systems Healthcare Technology Center. Photo by Michael Petch.