Shares of Stratasys Ltd. SSYS, -3.02% dropped 4.7% in premarket trading, after Nano Dimension Ltd. NNDM, +1.89% said it was pulling its tender offer for shares of the 3D printer maker and may sell off its 14.1% stake. “While we continue to believe that a combination of our companies has both strategic and financial merit – particularly given our offer provides far more certainty and guaranteed immediate $25 per share all-cash value, better than any other alternative currently available to Stratasys shareholders – this idea was rejected by an entrenched Stratasys board intent on manipulating the facts and preventing its shareholders from making their own decisions regarding our offer,” said Nano Dimension Chief Executive Yoav Stern. “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 it was reviewing its investment in Stratasys, which could include a sale of all of its holdings in the open market. The stock current represents about $181.5 million, as Stratasys’ market capitalization at Thursday’s close was $1.29 billion. Stratasys said recently that the latest buyout bid from 3D Systems Corp. DDD, +1.28% was likely a “superior proposal” to previously agreed-on bid from Desktop Metal Inc. DM, -0.56%
This article was originally published by Marketwatch.com. Read the original article here.
