Shares of Stratasys (NASDAQ:SSYS), a leading 3D printer manufacturer, surged following an enhanced acquisition bid from 3D Systems (NYSE:DDD). The revised offer from 3D Systems includes $7.50 in cash plus 1.5444 shares of 3D Systems for each share of Stratasys, valuing it at around $24.07 a share. Factoring in $100 million in projected cost synergies, the deal’s implied value rises to $28 a share. If the deal pushes through, Stratasys shareholders will own approximately 44% of the merged entity.
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This new bid follows a previous offer last month from 3D Systems valuing Stratasys at $20 a share. The timing is also interesting as Nano Dimension (NASDAQ:NNDM) recently upped its special tender offer price for Stratasys from $20.05 to $24 per share. Jeffrey Graves, CEO of 3D Systems, affirmed that several major Stratasys shareholders support a merger, adding that 3D Systems would shoulder any termination fee owed to Desktop Metal (NYSE:DM).
A look at the past five trading days for SSYS stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 10% at the time of writing. As a result, investors are now up 16.25% during this timeframe.
