Stratasys Confirms Receipt of Unsolicited Preliminary Proposal from Nano Dimension
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The proposal by Nano Dimension Ltd. to acquire Stratasys Ltd. represents a significant event that could alter the competitive landscape within the polymer 3D printing industry. The offer price of $16.50 per share demands a careful examination of Stratasys's valuation and the premium that Nano Dimension is willing to pay. Stakeholders should consider the strategic fit of such an acquisition, potential synergies and the financial health of both companies. The role of J.P. Morgan as the exclusive financial advisor suggests a rigorous valuation process is underway.
This acquisition proposal could signal consolidation in the 3D printing sector, which is known for its rapid innovation and fragmented market. The impact on market dynamics and competition must be assessed, including how the combined entity might leverage technological and market advantages. The strategic review by Stratasys's Board indicates a proactive approach to shareholder value maximization, but also underscores the uncertainty inherent in such processes.
The legal aspects of this acquisition proposal, including regulatory approvals and potential antitrust considerations, are pivotal. The involvement of prominent legal counsel firms, Meitar Law Offices and Wachtell, Lipton, Rosen & Katz, indicates that complex legal hurdles may need to be navigated. Shareholders should be aware of the legal implications of the deal, which could affect the timeline and feasibility of the transaction.
Reaffirms Board’s Review of Strategic Alternatives to Maximize Shareholder Value
As previously announced on September 28, 2023, the Stratasys Board of Directors, in consultation with its independent financial and legal advisors, initiated a process to explore strategic alternatives for the Company. The Stratasys Board will carefully review and consider Nano’s unsolicited preliminary proposal as part of this process.
There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome. Stratasys does not intend to disclose further developments on this strategic review process unless and until it determines that such disclosure is appropriate or necessary.
Stratasys shareholders do not need to take any action at this time with respect to Nano’s preliminary proposal.
J.P. Morgan is acting as exclusive financial advisor to Stratasys, and Meitar Law Offices and Wachtell, Lipton, Rosen & Katz are serving as legal counsel.
About Stratasys
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys visit www.stratasys.com, the Stratasys blog, X/Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys is a registered trademark and the Stratasys signet is a trademark of Stratasys Ltd. and/or its subsidiaries or affiliates. All other trademarks are the property of their respective owners.
Cautionary Statements Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are often characterized by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,” “project” or other similar words, but are not the only way these statements are identified. These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections of results of operations or of financial condition and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: the extent of our success at introducing new or improved products and solutions that gain market share; the extent of growth of the 3D printing market generally; changes in our overall strategy, including as related to any restructuring activities and our capital expenditures; the impact of shifts in prices or margins of the products that we sell or services we provide; the impact of competition and new technologies; the outcome of our Board’s comprehensive process to explore strategic alternatives for our Company; impairments of goodwill or other intangible assets in respect of companies that we acquire; the extent of our success at efficiently and successfully integrating the operations of various companies that we have acquired or may acquire; the degree of our success at locating and acquiring additional value-enhancing, inorganic technology that furthers our business plan to lead in the realm of polymers; the global macro-economic environment, including headwinds caused by inflation, high interest rates, unfavorable currency exchange rates and potential recessionary conditions; global market, political and economic conditions, and in the countries in which we operate in particular; the degree to which our Company’s operations remain resistant to potential adverse effects of Israel’s war against the terrorist organization Hamas; government regulations and approvals; litigation and regulatory proceedings; infringement of our intellectual property rights by others (including for replication and sale of consumables for use in our systems), or infringement of others’ intellectual property rights by us; potential cyber-attacks against, or other breaches to, our information technologies systems; the extent of our success at maintaining our liquidity and financing our operations and capital needs; impact of tax regulations on our results of operations and financial condition; and any additional factors referred to in Item 3.D “Key Information - Risk Factors”, Item 4 “Information on the Company”, and Item 5 “Operating and Financial Review and Prospects” in the Company’s Form 20-F for the fiscal year ended December 31, 2022.
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Investor Relations
Yonah Lloyd
CCO / VP Investor Relations
Yonah.Lloyd@stratasys.com
Ed Trissel / Joseph Sala / Haley Salas
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
OR
Israel Media
Motti Scherf
motti@scherfcom.com
+972527202700
Source: Stratasys Ltd.
