Nano Dimension calls out Stratasys for having to be ‘reminded’ of legal requirement to have board members voted on individually

Nano Dimension Ltd.
NNDM,
+1.08%
called out 3D printer maker Stratasys Ltd.
SSYS,
-3.36%,
for having to be reminded about its legal requirement to allow shareholders to vote for board members individually, rather than for an entire slate proposed by the company. As it result, Stratasys shareholders can now vote for the seven board candidates proposed by Nano Dimension individually at Stratasys’ annual meeting on Aug. 8. “While Stratasys claims its candidates are highly qualified and independent, it is clear that they are in fact an entrenched group with an average tenure on the Stratasys Board of 12-15 years, over which time they have overseen significant value destruction,” Nano Dimension said in a statement. The company added that Stratasys shareholders had to replace 5/8s of their board to receive Nano Dimension’s $25-per-share cash tender offer, which represents a 26.2% premium to current prices. Stratasys, which currently owns 14.1% of Stratasys’ outstanding shares, had increased its offer last week to buy between 31.9% and 36.9% of the outstanding shares, which Stratasys urged its shareholders to reject. Stratasys said last week that the latest cash-and-stock buyout bid from 3D Systems Corp.
DDD,
-1.44%
was likely a “superior proposal” to previously agreed-on bid from Desktop Metal Inc.
DM,
-0.29%