(Adds deal value in paragraph 1, shares in paragraph 5, and deal details in paragraph 3)
June 1 (Reuters) – Stratasys Ltd said on Thursday that it had received an unsolicited buyout proposal from rival 3D Systems Corp, valuing the industrial 3D printer at about $1.21 billion.
3D Systems proposal could trigger a bidding war for the company, which has rejected multiple takeover offers from shareholder Nano Dimension Ltd as it looks to merge with Desktop Metal Inc in a $1.8 billion stock deal.
3D Systems has proposed to acquire Stratasys for $7.50 in cash and 1.2507 of its newly issued stock for each share of the target company, which translates to $17.92 on a per-share basis.
That, however, falls slightly short of Nano’s cash offer of $18 per share. Nano is the largest shareholder of the Rehovot, Israel-based firm, with a 14.2% stake.
Stratasys, whose shares rose about 7% to $15.55 in extended trading, said its board would “carefully review” the newly received non-binding proposal.
Stratasys also added that the Desktop Metal deal is still expected to close in the fourth quarter of this year. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar and Anil D’Silva)
Source: https://finance.yahoo.com/news/2-stratasys-receives-1-21-205603894.html