Stratasys (NASDAQ:SSYS) stock is on the move Wednesday after the company rejected a takeover offer from Nano Dimension (NASDAQ:NNDM).
That takeover offer had Nano Dimension offering $1.1 billion to acquire the remaining stake in SSYS that it doesn’t already own. For the record, the company has a 14.5% stake in the Israeli 3D printing company.
The offer for SSYS stock valued the company’s shares at $18 each. The payment would also have been made with cash. Stratasys isn’t interested in the deal as it claims the offer undervalues its business.
It’s worth pointing out that this isn’t the first conflict between Stratasys and Nano Dimension. Back in July 2021, Stratasys adopted a poison pill strategy after Nano Dimension acquired a 12.12% stake in the company.
SSYS Comments on Takeover Bid
Here’s what the company said about rejecting the takeover offer in a recent news release:
“Stratasys’ Board and management team are confident that the Company’s standalone plan will create significantly greater value for its shareholders than the Nano proposal. Stratasys recently delivered its sixth consecutive quarter of profitability on an adjusted basis despite a challenging economic environment, and the Company remains laser focused on executing its strategy and managing its operations to effectively deliver sustained, profitable growth.”
SSYS stock is up 2.6% on Wednesday morning after rejecting the takeover offer.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
