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Update 11:10am: Adds Stratasys comment, updates shares.
Stratasys (NASDAQ:SSYS) rose 11% after 3D Systems (NYSE:DDD) raised its stock and cash offer for the 3D printer maker. 3D Systems fell 1.4%.
3D Systems (DDD) increased its cash and stock offer for Stratasys to $24.07 a share, according to a statement. The bid consists of $7.50 in cash, and Stratasys holders will now receive 1.5444 shares of 3D Systems. DDD said the implied value of the deal is $28 share, including $100 million in cost synergies. With the revised deal. Stratasys (SSYS) holders will own about 44% of the combined company.
The newest bid comes after 3D Sysyems (DDD) raised its offer last month for Stratasys (SSYS) to about $20 a share. The offer also comes after Nano Dimension (NASDAQ:NNDM) on Monday boosted its special tender offer price for Stratasys (SSYS) to $24 per share from $20.05.
“Multiple large Stratasys shareholders have reached out to inform us that they believe a combination of 3D Systems and Stratasys is the right path forward,” 3D Systems CEO Jeffrey Graves said in the statement. “This feedback affirms our conviction that we are doing right by shareholders today by offering exceptional value, certainty and transparency, and agreeing to pick up the termination fee that will be payable to Desktop Metal.”
Stratasys (SSYS) on Thursday confirmed in a statement that it received the increased offer from 3D Systems (DDD) and said its board will review the revised proposal.
Stratasys (SSYS) last month said 3D Systems’ (DDD) revised offer was not a superior proposal to its merger agreement with Desktop Metal (NYSE:DM).
Desktop Metal (DM) rose 3.3% on Thursday.
The newest 3D Systems (DDD) offer represents a ~15% improvement to its original proposal to Stratasys (SSYS) in late May.
