Stratasys to stick with Desktop Metal merger deal as 3D Systems bid was not ‘superior’

Stratasys Ltd.
SSYS,
+1.99%
said Friday that it determined that the raised unsolicited buyout bid it received from 3D Systems Corp.
DDD,
+2.33%
earlier this week was not a “superior proposal,” so the 3D printer company will stick with its current merger deal with Desktop Metal Inc.
DM,
-1.64%
Stratasys said the 3D bid represents about a 3% increase in total value and adds 1% to the total ownership for Stratasys shareholders is “opportunistic” and continues to “materially undervalue” the company. “The Stratasys Board has not changed its unanimous approval, recommendation and declaration of advisability of the previously announced transaction with Desktop Metal,” Stratasys said in a statement. Stratasys’ stock, which closed at a 10-month high on Thursday, was still inactive in premarket trading, while 3D’s stock edged up 0.2% and Desktop Metal shares rallied 3.3%. Meanwhile, futures
ES00,
+0.41%
for the S&P 500
SPX,
+0.45%
tacked on 0.4%.