Nano To Discontinue Its Special Tender Offer For Stratasys

(RTTNews) - Nano Dimension Ltd. (NNDM), an Israeli company that provides additive electronics including 3D printers, said on Friday that it decided to stop its revised tender offer of $25 per share for Stratasys Ltd. (SSYS), a company which deals in polymer 3D printing solutions.

"We believe that our efforts to convince a sufficient number of Stratasys' shareholders that their entrenched board will continue its track record of leading the company toward new disasters has fallen short," Nano Dimension said in a statement.

Nano will instead proceed with alternative M&A plans.

"One of the conditions required to close the special tender offer is the redemption or termination of the poison pill. Unfortunately, the Stratasys Board has continued its track record of entrenchment and refuses to remove or terminate the poison pill or otherwise render it inapplicable to the special tender offer," the company added.

Earlier this month Stratasys had rejected a $24-per-share offer from Nano, that was revised from $20.05.

In pre-market activity, shares of Nano are trading at $3.2, up 0.95% and Stratasys shares are trading at $18.67, down 2.71% on Nasdaq.