Stratasys Ltd. SSYS said Tuesday its board has unanimously rejected an $18 a share partial tender offer from Nano Dimension Ltd. NNDM, and said the offer “substantially undervalues Stratasys.” The two 3-D printing companies have been locked in a battle since Israel-based Nano Dimension launched an all-cash bid for Stratasys on March 9 and disclosed that it was Stratasys’ largest shareholder with about 14.5% of the outstanding shares. After the Stratasys board rejected that offer, Nano Dimension sweetened it to $20.05 a share, which the board said “continues to substantially undervalue Stratasys in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders,” as Dow Jones Newswires reported at the time. Then last week, Stratasys unveiled a deal to combine with Desktop Metal DM in an all-stock deal valued at $1.8 billion. Moments later, Nano Dimension launched a tender offer at the original $18 price to purchase shares that would boost its stake in Minneapolis-based Stratasys to 53% to 55%. “Due to the strength of our business and the significant upside potential of our pending merger with Desktop Metal, our Board’s position is clear: shareholders should reject Nano’s partial offer and ensure their voices are heard by delivering a Notice of Objection against the offer,” said Dov Ofer, Stratasys’ chairman. Stratasys shares have gained 18.7% in the year to date, while the S&P 500 SPX has gained 9.5%.
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