Business
Stratasys Board of Directors Unanimously Rejects the Nano Dimension Revised Unsolicited Proposal of $19.55 Per Share
Proposal Substantially Undervalues Stratasys in Light of the Company’s Standalone Prospects and Is Not in the Best Interests of Stratasys and its
About this update from Stratasys, Ltd.
[{"type":"text","content":"\nProposal Substantially Undervalues Stratasys in Light of the Company’s Standalone Prospects and Is Not in the Best Interests of Stratasys and its Shareholders\n\n\nStratasys Sets Record Straight on Multiple Misleading Statements by Nano CEO Yoav Stern\n\n\n MINNEAPOLIS & REHOVOT, Israel--(BUSINESS WIRE)--\nStratasys Ltd. (Nasdaq: SSYS) (the “Company”), a leader in polymer 3D printing solutions, today announced that its Board of Directors has unanimously rejected the revised unsolicited proposal received from Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano”) on March 29, 2023 to acquire Stratasys for $19.55 per share in cash.\n\n\nConsistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Stratasys Board of Directors carefully reviewed and evaluated the revised proposal. Following its review, the Stratasys Board concluded that Nano’s proposal continues to substantially undervalue Stratasys in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders. The Stratasys Board and management team are confident that Stratasys’ standalone plan will create significantly greater value for its shareholders than the Nano proposal.\n\n\nIn addition, Stratasys believes it is important to set the record straight on the many misleading statements made by Nano’s CEO, Mr. Yoav Stern, including the following:\n\n\n\nContrary to statements made by Mr. Stern, Stratasys’ CEO Dr. Yoav Zeif has met with Mr. Stern only once, on March 9, 2023. This meeting was at Mr. Stern’s request. Dr. Zeif did not indicate any support for the proposal and made it clear that Stratasys would respond once the Board’s review of Nano’s proposal was completed. Other than this one meeting, there has been no contact or substantive discussion between Dr. Zeif and Mr. Stern, any directors or any other representatives from either company.\n\n\n\nContrary to what was implied by Mr. Stern, Dr. Zeif fully agrees with the Board’s decision.\n\n\n\nContrary to claims made by Mr. Stern, Stratasys directors receive the majority of their board compensation (which is approved by the Stratasys shareholders) in Stratasys equity and are aligned with the interests of Stratasys shareholders.\n\n\n\nThe composition and authority of Nano’s board and management, generally, and hence their authority to submi...