- Additive manufacturing solutions provider 3D Systems Corp (NYSE:DDD) confirmed its submission of a proposal to combine with Stratasys Ltd (NASDAQ:SSYS).
- The cash and stock merger would convert each Stratasys share into $7.50 in cash and 1.2507 newly issued shares of 3D Systems.
- The combination would lead to Stratasys shareholders owning 40% of the combined company and receiving about $540 million in cash.
- Yesterday, Stratasys confirmed the receipt of an unsolicited non-binding indicative proposal from 3D Systems. Meanwhile, Stratasys Board has not made any determination as to the 3D Systems proposal.
- As announced on May 25, 2023, Stratasys entered into a merger agreement with Desktop Metal, Inc. (NYSE:DM), under which Stratasys and Desktop Metal will combine in an all-stock transaction.
- 3D Systems’ offer terms imply a nominal initial value per Stratasys share of approximately $19 based on 3D Systems’ 60-Day Volume-Weighted Average Price (VWAP) as of May 24, 2023.
- The offer implied nominal value represents a premium of 27% to Stratasys closing trading price on May 24, 2023, and a premium of 35% to Stratasys’ stock price as of the close of trading on March 9, 2023, the last trading day before Nano Dimension Ltd‘s (NASDAQ:NNDM) first public offer to acquire Stratasys.
- On May 30, 2023, Stratasys Board unanimously determined the partial tender offer by Nano Dimension undervalues the company.
- Price Action: SSYS shares are trading higher by 10.09% at $16.04 in premarket on the last check Friday.
Insurance Stocks Moving In Thursday’s Intraday Session
According to Benzinga Pro following are the gainers and losers in Insurance industry for today’s Intraday session. Gainers…
