Nano Dimension to Review its Options Relative to Stratasys and Other Strategic Acquisition Targets
March 23 2023 - 3:30PM
Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension” or the
“Company”), the largest active shareholder of Stratasys Ltd.
(Nasdaq: SSYS) (“Stratasys”) with a 14.5% ownership stake, today
issued the following statement in response to Stratasys’ rejection
of its proposal to acquire Stratasys for $18.00 per share in cash.
The all-cash offer reflected a 36% premium to the unaffected
closing stock price as of March 1, 2023, and a 31% premium to the
60-day VWAP through March 1, 2023.
“We are disappointed in Stratasys’ refusal to
engage with Nano Dimension regarding our compelling offer, which
would have delivered immediate value at a substantial premium to
Stratasys’ shareholders amid a challenging market environment,”
said Yoav Stern, Chairman and Chief Executive Officer of Nano
Dimension. “After constructive discussions with Stratasys’ CEO, we
were surprised that the Stratasys Board was unwilling to engage in
an open dialogue around a combination of our businesses.
While we remain open to discussions, we are disciplined with
regards to our growth strategy and will consider our options,
relative to both Stratasys and alternative strategic acquisition
targets currently under review.”
Greenhill & Co., LLC and Lazard Frères &
Co., LLC are acting as Nano Dimension’s financial advisors, and
Sullivan & Worcester LLP is serving as legal advisor.
About Nano Dimension
Nano Dimension’s (Nasdaq: NNDM) vision is to
transform existing electronics and mechanical manufacturing into
Industry 4.0 environmentally friendly & economically efficient
precision additive electronics and manufacturing – by delivering
solutions that convert digital designs to electronic or mechanical
devices - on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the
application of deep learning based AI to drive improvements in
manufacturing capabilities by using self-learning &
self-improving systems, along with the management of a distributed
manufacturing network via the cloud.
Nano Dimension serves over 2,000 customers
across vertical target markets such as aerospace & defense,
advanced automotive, high-tech industrial, specialty medical
technology, R&D and academia. The company designs and
makes Additive Electronics and Additive Manufacturing 3D
printing machines and consumable materials. Additive Electronics
are manufacturing machines that enable the design and development
of High-Performance-Electronic-Devices (Hi-PED®s). Additive
Manufacturing includes manufacturing solutions for production of
metal, ceramic, and specialty polymers based applications - from
millimeters to several centimeters in size with micron
precision.
Through the integration of its portfolio of
products, Nano Dimension is offering the advantages of rapid
prototyping, high-mix-low-volume production, IP security, minimal
environmental footprint, and design-for-manufacturing capabilities,
which is all unleashed with the limitless possibilities of additive
manufacturing.
For more information, please
visit www.nano-di.com.
Forward Looking StatementsThis
press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 and other Federal securities laws.
Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” and similar expressions or
variations of such words are intended to identify forward-looking
statements. For example, Nano Dimension is using forward-looking
statements in this press release when it discusses remaining open
for discussions, or considering its options, relative to both
Stratasys and alternative strategic acquisition targets currently
under review. Because such statements deal with future events and
are based on Nano Dimension’s current expectations, they are
subject to various risks and uncertainties. The execution of a
definitive merger agreement between Nano Dimension and Stratasys
would be subject to approval by each company’s Board of Directors
and completion of the transaction would be subject to customary
closing conditions, receipt of required regulatory approvals and
approval of Stratasys shareholders. Actual results, performance, or
achievements of Nano Dimension could differ materially from those
described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
those discussed under the heading “Risk Factors” in Nano
Dimension’s annual report on Form 20-F filed with the Securities
and Exchange Commission (“SEC”) on March 31, 2022, and in any
subsequent filings with the SEC. Except as otherwise required by
law, Nano Dimension undertakes no obligation to publicly release
any revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
Nano Dimension is not responsible for the contents of third-party
websites.
NANO DIMENSION INVESTOR RELATIONS
CONTACTInvestor Relations | ir@nano-di.com
NANO DIMENSION MEDIA CONTACTS Kal Goldberg /
Bryan Locke / Kelsey Markovich
| NanoDimension@fgsglobal.com
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