Nano Dimension affirms original $18-per-share buyout bid for Stratasys, calls to remove most of Stratasys’ board

Nano Dimension Ltd.
NNDM,
+1.25%
affirmed Tuesday its $18-per-share, all-cash bid to buy Stratasys Ltd.
SSYS,
+0.22%
that was originally submitted on March 22, a bid which Stratasys’ board rejected last month. Nano Dimension had raised its bid to $20.05 a share in April, which Stratasys also said undervalued the company. In early June, 3D Systems Corp.
DDD,
+1.43%
stepped in with a cash-and-stock bid that at that time valued Stratasys shares at $25 each, but as of Monday’s stock closing prices, 3D’s per-share bid has dropped to about $19.91. On Tuesday, Nano Dimension, which is Stratasys’ largest shareholder with more than 14% of the shares outstanding, also called for a special shareholder meeting to remove a majority of Stratasys’ board of directors, which Nano said it believes is “vital to prevent further value destruction” and to create a path to establish a “preeminent leader” in the 3D printing market. “Stratasys needs better management, operators and, first and foremost, Board oversight to optimize the business and set the company on a path to realize its potential,” Nano Dimension said in a statement. Stratasys shares were little changed in premarket trading while Nano shares slipped 0.4%.