The race for polymer 3D printing solutions company, Stratasys (NASDAQ: SSYS) continued on Tuesday after Nano Dimension (NNDM) sweetened the bid for Stratasys at $25 per share in cash from its prior offer of $24 per share to acquire between 31.9% and 36.9% of the outstanding ordinary shares of Stratasys.
The expiration date for the offer is July 31, 2023, 5:00 PM, New York time. According to Nano Dimension, this special tender offer will deliver 233% more cash to SSYS shareholders over the near term than “any currently available alternative and preserves the ability to generate future value creation through strategic M&A opportunities.”
Nano Dimension stated in its press release that the completion of the special tender offer would raise the company’s beneficial ownership of Stratasys in the range of 46% to 51%, including around 14.1% of Stratasys’ outstanding ordinary shares currently owned by Nano Dimension.
The company added that it believed that the current offer from 3D Systems (NYSE: DDD) is “misleading, not in the best interests of Stratasys’ shareholders, and presents significant Share PRICE uncertainty and transaction closing risk.”
Stratasys stated yesterday that it was engaging in discussions with 3D Systems Corp. after the company made an offer at $7.50 in cash plus 1.5444 shares of 3D Systems for each share of Stratasys.
NNDM stock has surged by more than 35% year-to-date.