Shares of Minnesota-based Stratasys Ltd. SSYS shot up 7.7% in premarket trading Wednesday, after Israel-based Nano Dimension Ltd. NNDM said it increased its bid to buy the fellow 3D printer maker to $19.55 a share. Nano Dimension’s stock rose 2.3% in the premarket. The new bid, which represents a 38.6% premium to Tuesday’s closing price of $14.11, is up from the previous bid of $18 a share, which Stratasys disclosed on March 9, and subsequently rejected on March 22. Nano Dimension said under terms of the improved bid, it would buy the rest of the Stratasys shares it doesn’t already own for $1.2 billion. Back on March 10, it was disclosed that Nano Dimension owned 9.7 million Stratasys shares, or 14.5% of the shares outstanding. “Our increased, all-cash offer demonstrates our commitment to consummating this strategic combination, which will deliver immediate and certain value to Stratasys shareholders at a compelling premium and enable us to create the preeminent leader in the rapidly growing AM [additive manufacturing] market,” said Nano Dimension Chief Executive Yoav Stern. Stratasys shares have run up 19.0% year to date through Tuesday and Nano Dimension’s stock has advanced 11.3%, while the S&P 500 SPX has gained 3.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.