Stratasys Rejects Nano Dimension's Sweetened Offer; Stratasys Up In Pre-market

(RTTNews) - Stratasys Ltd. (SSYS), which deals in polymer 3D printing solutions, announced on Monday, that it is rejecting the partial tender offer of $24 per share in cash by Nano Dimension Ltd, an Israeli company that provides additive electronics including 3D printers, citing that the proposal undervalues the company.

Previously, Nano had proposed $20.05 per share.

The partial tender has a blended value of around $15 to $19 per share or less with Stratasys believing that Nano controlling the company's remaining shares is likely to lead them to trade at a heavily discounted level in the range of approximately $9 to $15 per share or less.

Stratasys Board urged its shareholders to reject the offer.

Under Israeli rules the partial offer will fail if the shares represented by the notices of objection are greater than or equal to the number of shares tendered to this offer.

The company said in a statement, "In addition to not tendering, filing a Notice of Objection could help cause the tender to fail. Simply not tendering could result in non-tendering shareholders being left as minority shareholders in a company controlled by Nano."

Additionally, Stratasys is recommending its shareholders to vote only on the white proxy card "FOR" the re-election of the eight current members of Stratasys' Board, thereby not allowing Nano to control the company through its slate of directors.

In pre-market activity, shares of Stratasys are trading at $20.80, up 2.11% or $0.43 on Nasdaq and Nano shares are trading at $3.12, up 0.32% or 0.01 cents.