4 big deal reports: Stratasys finally agrees to talks with 3D Systems, spurns Nano
Investing.com | Author Davit Kirakosyan
Published Jul 23, 2023 13:40
By Davit Kirakosyan
Investing.com -- Here is your Pro Recap of 4 head-turning deal dispatches you may have missed last week: Stratasys agrees to merger discussions with 3D Systems and rejects Nano again; VMware-Broadcom receives clearance from U.K. regulator; merger deal signed between Dell and Moogsoft, and KKR picks up a specialty chemicals name.
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Stratasys agrees to merger discussions with 3D Systems, rebuffs Nano Systems/h2
After six weeks of unsolicited proposals and rejections, Stratasys (NASDAQ:SSYS) said early last week that 3D Systems' (NYSE:DDD) most recent revised buyout offer "would reasonably be expected to result in a 'Superior Proposal'" as defined within its all-stock $1.8 billion merger agreement with Desktop Metal (NYSE:DM), inked in May.
Under the terms of this latest 3D Systems offer, each Stratasys share would convert into $7.50 in cash and 1.5444 shares of the combined company, representing some 44% ownership for Stratasys shareholders.
Earlier that same day, Stratasys strongly rejected Nano Dimension's (NASDAQ:NNDM) latest partial tender offer - for $24 per share in cash - saying in a letter to shareholders that the hostile offer is "misleading, coercive, substantially undervalues the Company as a whole and is NOT in the best interests of all Stratasys shareholders." Stratasys added:
The Stratasys Board Urges Shareholders NOT TO TENDER Their Shares, to Withdraw Any Shares That Have Already Been Tendered, AND to File a Notice of Objection
That triggered an equally strong response from Nano, which cited an Israeli district court judge in a letter to shareholders and claimed that holders "cannot rely on the accuracy and reliability of news releases and announcements and presentations which are written and published by your Board and management."
Stratasys shares lost 4.6% to $20.27 for the week, while 3D Systems slid 8.8%. Desktop Metal was off 1.1%, and Nano gained 5% over the past five sessions.
VMware stock surges after U.K.’s CMA clears Broadcom’s acquisition /h2
VMware (NYSE:VMW) shares surged more than 5% on Wednesday following the provisional clearance by the U.K.'s Competition and Markets Authority (CMA) for the anticipated acquisition of VMware by Broadcom (NASDAQ:AVGO), as reported in real time on
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