Stratasys The merger agreement between has been terminated by Desktop Metal After its shareholders rejected the deal at the Extraordinary General Meeting (EGM) of Shareholders on September 28, 2023. Stratasys Board of Directors announced that based on the preliminary results of the EGM votes, the board has begun a new process to investigate strategic options for the company.
Stratasys announced that Desktop Metal and Stratasys had signed a merger agreement on May 25, 2023 to create a 3D printing firm worth 1.8 billion dollars.
The company will provide the final certified voting results of the Stratasys General Meeting in a Form 6K that it expects to submit to the U.S. Securities and Exchange Commission within four working days.
Stratasys states that the process for maximising shareholder values will begin immediately. The company has stated that the potential strategic alternatives which will be evaluated or explored may include, but not be limited to a merger, a business combination, or a sale.
“We have decided to undertake a comprehensive and thorough review of all available strategic alternatives,” said Dov Ofer, Chairman of Stratasys’ Board of Directors. “We are entering this review as the leader in the additive manufacturing space and will continue to execute our strategy, powered by innovation and profitable growth, which has led Stratasys to outpace the competition. Importantly, we remain focused on our mission to deliver value to customers and are committed to taking the appropriate actions to maximise value for all Stratasys shareholders.”
The company claims that it is not able to guarantee that the strategic review will result in a transaction or any other strategic outcome. Stratasys has stated that it will not disclose any further developments regarding its strategic review process until it deems it appropriate and necessary.
The Stratasys Board of Directors has unanimously adopted an amendment to Stratasys’ shareholder rights plan, pursuant to which the expiration date of the Rights Plan was extended for three months.
The company claims that the rights plan does not intend to interfere or prevent any actions taken by the Board in relation to Stratasys, which it determines are in the best interest of the company and shareholders.
The plan is said to support the Boards capability to conduct the strategic review process, as well as position the Boards to fulfil their fiduciary duties for all shareholders. It will ensure that the Boards are able to evaluate and maximise shareholder value.
On September 14, 2023, 3D Systems delivered a signed merger agreement to Stratasys, based on a deal which it said presents Stratasys shareholders with a ‘certain, superior alternative’ to the Desktop Metal merger. 3D Systems values this deal at 27 USD per Stratasys Share.
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