It has been announced by Stratasys on July 17, 2023, that 3D Systems‘ acquisition proposal is likely to result in a better outcome than the merger proposal between Stratasys and Desktop Metal.
On July 13, 3D Systems sent a signed merger agreement to Stratasys, which would provide Stratasys shareholders with 7.50 USD in cash per share, as well as 1.5444 newly issued shares of common stock of the combined company for each Stratasys ordinary share. This would result in Stratasys shareholders owning 44% of the combined company and receiving around 540 million USD in cash when the transaction is completed.
3D Systems anticipates that Stratasys will agree to terminate the merger agreement with Desktop Metal and sign the 3D Systems-Stratasys merger agreement due to the “superior substantive terms” of the deal and the “overwhelming support” of shareholders. The 3D Systems-Stratasys Merger Agreement has already been signed by 3D Systems in escrow.
On July 13, 3D Systems announced that they would pay the Full termination fees for Stratasys in the event of the termination of the Desktop Metal-Stratasys merger agreement. The countersignature of the 3D Systems deal will also be made on behalf of Stratasys.
Dr. Jeffrey Graves, President and CEO of 3D Systems, expressed his contentment with the Stratasys Board’s decision. The termination of the Desktop Metal merger agreement and the countersignature of the 3D Systems and Stratasys agreement are expected to occur promptly. This will allow the two companies to deliver the advantages of their combined company to their stakeholders.
The merger will enable 3D Systems and Stratasys to capture the necessary scale to lead the additive manufacturing industry and achieve long-term profitable growth. The two management teams identified joint synergies worth 100 million USD during their due diligence exercises in September 2022.
The shareholders have made it clear that the combination of 3D Systems and Stratasys presents the most significant opportunity for the additive manufacturing industry. Therefore, it is time for the Stratasys Board to move quickly to make this transaction a reality. If the Stratasys Board acts soon, the merger agreement should be signed this week.
Stratasys Long (Buy)
Enter At: 21.59
T.P_1: 23.23
T.P_2: 25.02
T.P_3: 27.84
T.P_4: 29.85
T.P_5: 31.85
S.L: 11.47
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