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Nothing New: 3D Systems Announcement Only Repeats Already Rejected Inadequate Offer
Stratasys Issues Investor Presentation Highlighting Serious Challenges With 3D Systems and its Inadequate Offer MINNEAPOLIS & REHOVOT, Israel--(BUSINESS
About this update from Stratasys, Ltd.
[{"type":"text","content":"\nStratasys Issues Investor Presentation Highlighting Serious Challenges With 3D Systems and its Inadequate Offer\n\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (Nasdaq: SSYS) (“Stratasys” or the “Company”), a leader in polymer 3D printing solutions, today issued the following statement in response to a press release issued by 3D Systems Corporation (NYSE: DDD) (“3D Systems”) on September 13, 2023.\n\n\nThe proposal referenced in 3D Systems’ press release on September 13 did not revise the terms, or change any substantial details, of the revised proposal made by 3D Systems on September 6. The Stratasys Board of Directors previously reviewed 3D Systems’ September 6 revised proposal and unanimously determined that the revised proposal, which is 35% lower than the value implied by 3D Systems’ July 13 proposal and comprises consideration with a nominal value of only $15.26 per Stratasys ordinary share as of September 11, 2023, continues to significantly undervalue Stratasys and does not constitute a “Superior Proposal” as defined in Stratasys’ merger agreement with Desktop Metal, Inc. (NYSE: DM) (“Desktop Metal”). The merger agreement filed by 3D Systems on September 13 is in substantially the same form as it shared with the Stratasys Board on September 6, as 3D Systems itself admits. The Stratasys Board’s response to 3D Systems’ September 6 revised proposal remains unchanged.\n\n\n3D Systems’ press release yesterday contained a number of false and misleading statements:\n\n\n\nContrary to statements by Dr. Jeffrey Graves, 3D Systems’ President and CEO, that the Stratasys Board was “only interested in the appearance of engagement to appease shareholders,” Stratasys conducted a thorough due diligence process spanning two months with hundreds of hours invested by Stratasys’ Board, management and advisors. As previously disclosed, Stratasys communicated its concerns regarding 3D Systems’ July 13 proposal on August 22, including based on the findings of its extensive due diligence review. 3D Systems’ September 6 proposal, which it reiterated yesterday, did not sufficiently address those concerns and, for reasons previously disclosed, the Stratasys Board unanimously determined that it did not constitute a Superior Proposal as defined in Stratasys’ merger agreement with Desktop Metal.\n\n\n\n3D Systems’ claims that...