Stratasys intends to engage in talks with 3D Systems

Stratasys (SSYS) issued the following statement reiterating and providing additional details on its comments regarding 3D Systems’ (DDD) July 13, 2023 revised unsolicited proposal: “On July 17, 2023, Stratasys announced that Stratasys’ Board of Directors, after consultation with its financial advisor and outside legal counsel, has unanimously determined that the July 13, 2023 revised unsolicited proposal by 3D Systems Corporation to acquire Stratasys for $7.50 in cash and 1.5444 newly issued shares of 3D Systems common stock per ordinary share of Stratasys would reasonably be expected to result in a “Superior Proposal” as defined in Stratasys’ merger agreement with Desktop Metal (DM). To determine whether 3D Systems would ultimately make a “Superior Proposal”, Stratasys must first conduct proper due diligence on 3D Systems’ business and prospects. This includes examining 3D Systems’ forecast of $100 million of synergies and 3D Systems’ revenue growth and profitability. In addition, Stratasys also intends to negotiate terms with 3D Systems, subject to the requirements of the Desktop Metal merger agreement. As previously announced on May 25, 2023, Stratasys entered into a merger agreement with Desktop Metal, pursuant to which Desktop Metal agreed to combine with Stratasys in an all-stock transaction. Stratasys remains bound by the terms of the Desktop Metal merger agreement. Stratasys’ Board has not determined that 3D Systems’ July 13, 2023 revised proposal in fact constitutes a Superior Proposal as defined in the merger agreement with Desktop Metal, and the Stratasys Board has not changed its unanimous approval, recommendation and declaration of advisability of the transaction with Desktop Metal. Stratasys continues to recommend that shareholders reject Nano Dimension’s (NNDM) revised partial offer, deliver a Notice of Objection against the partial offer and do NOT tender their Stratasys shares in the partial offer.”