Last close As at 05/08/2026
USD1.56
▲ −0.02 (−1.27%)
Market capitalisation
USD332m
Research: TMT
Nano Dimension has raised its tender offer for Stratasys again, increasing its cash offer from $24 to $25 per share and extending the closing date to 31 July. If successful, it plans to explore options for further consolidation of the industry. If unsuccessful, it will review its Stratasys investment and may sell its stake on the open market.
Nano Dimension |
Tender offer for Stratasys extended again |
Company acquisition |
Tech hardware and equipment |
19 July 2023 |
Share price performance
Business description
Analyst
Nano Dimension is a research client of Edison Investment Research Limited |
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Nano Dimension has raised its tender offer for Stratasys again, increasing its cash offer from $24 to $25 per share and extending the closing date to 31 July. If successful, it plans to explore options for further consolidation of the industry. If unsuccessful, it will review its Stratasys investment and may sell its stake on the open market.
Year |
Revenue |
EBITDA |
PBT* |
PAT* |
DPS |
P/E |
12/19 |
7.1 |
(11.7) |
(7.9) |
(7.9) |
0.00 |
N/A |
12/20 |
3.4 |
(12.6) |
(15.0) |
(15.0) |
0.00 |
N/A |
12/21 |
10.5 |
(38.4) |
(44.5) |
(44.5) |
0.00 |
N/A |
12/22 |
43.6 |
(88.8) |
(96.4) |
(96.4) |
0.00 |
N/A |
Source: Company data. Note: *PBT and PAT are normalised, excluding amortisation of acquired intangibles, exceptionals and share-based payments.
On 25 May, Nano Dimension launched a partial tender offer for Stratasys (Nasdaq: SSYS). The tender offer was revised on 27 June (from $18 to $20.05) and 10 July (from $20.05 to $24). On 18 July, the offer price was revised up by another $1 to $25 and the tender offer period extended to 17:00 EST on 31 July. At this new price, acquiring 31.9–36.9% of outstanding Stratasys shares (to add to the 14.1% already held) would cost $546–632m. By 17 July, 4,100,607 shares had been tendered (6.0% of outstanding Stratasys shares), down from the 8.4% tendered at 26 June. Stratasys has rejected all of Nano Dimension’s bids. On 17 July, Nano Dimension announced that the waiting period under Hart-Scott-Rodino had expired and no further regulatory review by US antitrust authorities would be required.
Nano Dimension also confirmed that if its partial tender offer is successful, it would consider a strategic review of alternatives to enhance shareholder value, including through industry consolidation (possibly through a negotiated combination with 3D Systems) and/or by increasing its ownership to 100% of Stratasys. If the tender offer does not close, Nano Dimension will review its investment in Stratasys, including a possible sale of the entire holding on the open market.
On 13 July, 3D Systems increased the equity element of its bid for Stratasys to 1.5444 shares (from 1.3223) and maintained the cash element at $7.50, with its total bid worth $22.47 per share at the current 3D Systems share price of $9.69. It will also cover the termination fee for the proposed Stratasys/Desktop Metal merger. On 17 July, Stratasys announced that it would enter into merger discussions with 3D Systems (having rejected all previous bids in favour of its merger with Desktop Metal).
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