The stock of 3-D printing company Stratasys Ltd.
SSYS,
jumped 8% in premarket trade Thursday, after 3D Systems Corp.
DDD,
sweetened its offer for the company in the latest move in a three-way battle for the company against rival Nano Dimension Ltd.
NNDM,
3D Systems is now offering $24.07 per Stratasys share, based on July 12 closing price, equal to a 62% premium over the stock price May 24, before the battle began. The company said the implied value comes to about $28 a shares and about $2 billion in total value, including $100 million in cost synergies it believes it can deliver. The new offer is 15% above the previous one made on May 30, said 3D Systems. “We have taken every step to improve the value, certainty and transparency of our proposal and look forward to constructively engaging with the Stratasys Board so that we can mutually pursue a transaction that will change the landscape of the additive manufacturing industry for the benefit of not only investors, but also employees and customers,” said Dr. Jeffrey Graves, CEO of 3D Systems. On Monday, Nano Dimension raised its offer for Stratasys to $24 a share from a previous offer of $20.05. Stratasys’ stock has gained 62% in the year to date, while the S&P 500
SPX,
has gained 16%.
