The stock of 3-D printing company Stratasys Ltd. (SSYS) surged by 8% in premarket trade on Thursday, following a new offer made by 3D Systems Corp. (DDD) in the ongoing three-way battle for the company against rival Nano Dimension Ltd. (NNDM).
3D Systems has now increased its offer to $24.07 per Stratasys share, based on the closing price on July 12. This offer represents a premium of 62% over the stock price on May 24, before the battle commenced. The implied value of the deal amounts to approximately $28 per share, with a total value exceeding $2 billion, including $100 million in cost synergies that 3D Systems believes it can achieve. This latest offer is 15% higher than the previous one made on May 30.
“We have taken every step to improve the value, certainty, and transparency of our proposal and look forward to constructively engaging with the Stratasys Board so that we can mutually pursue a transaction that will change the landscape of the additive manufacturing industry for the benefit of not only investors but also employees and customers,” said Dr. Jeffrey Graves, CEO of 3D Systems.
In response to this offer, Nano Dimension also raised its bid for Stratasys to $24 per share from its previous offer of $20.05. Stratasys’ stock has already gained an impressive 62% year-to-date, while the S&P 500 has seen a 16% increase.
It remains to be seen which offer Stratasys will ultimately accept in this intensifying battle for control.