Stratasys Board of Directors Unanimously Rejects Unsolicited Proposal from Nano Dimension
March 22 2023 - 6:00AM
Business Wire
Proposal Substantially Undervalues Stratasys in
Light of the Company's Standalone Prospects and Is Not in the Best
Interests of Stratasys Shareholders
Stratasys Ltd. (Nasdaq: SSYS) (the “Company”), a leader in
polymer 3D printing solutions, today announced that its Board of
Directors has unanimously rejected the unsolicited proposal it
received from Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano”) to
acquire Stratasys for $18.00 per share in cash.
Consistent with its fiduciary duties, and in consultation with
its independent financial and legal advisors, the Stratasys Board
of Directors carefully reviewed and evaluated the proposal.
Following the review, the Stratasys Board concluded that Nano’s
proposal substantially undervalues the Company in light of its
standalone prospects and is not in the best interests of Stratasys
and its shareholders.
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.
J.P. Morgan is acting as 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, healthcare, fashion and
education. 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, 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. For a discussion of some of the risks and important
factors that could cause actual results, developments and business
decisions to differ materially from those anticipated in these
forward-looking statements, see the discussion 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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version on businesswire.com: https://www.businesswire.com/news/home/20230322005279/en/
Investor Relations Yonah Lloyd CCO / VP Investor
Relations Yonah.Lloyd@stratasys.com
U.S. Media Ed Trissel / Joseph Sala / Kara Brickman Joele
Frank, Wilkinson Brimmer Katcher (212) 355-4449
OR
Israel Media Motti Scherf motti@scherfcom.com
+972527202700
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