Why Is 3D Printing Solutions Provider Stratasys Stock Soaring Today?
Stratasys Ltd (NASDAQ: SSYS) shares are trading higher after it disclosed receiving a preliminary acquisition proposal from Nano Dimension Ltd (NASDAQ: NNDM) last week.
NNDM intends to buy all the remaining outstanding shares that it currently doesn't own for $16.50 per share in cash.
In September, SSYS' Board of directors disclosed that they had initiated a process to explore strategic alternatives for the company.
SSYS' Board will review and consider Nano's unsolicited preliminary proposal, representing a 40% premium from the volume-weighted average shares of SSYS since September 28, 2023.
Notably, SSYS had earlier rejected NNDM's proposal, saying that it significantly undervalued the company.
Nano Dimension currently has over $800 million of net cash and has started discussions with financing sources to support any transaction if it happens.
Also Read: Additive Manufacturing Company Stratasys Trims FY23 Outlook: Here's Why
Price Action: SSYS shares are up 9.31% at $14.33 premarket on the last check Tuesday.
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