Last close As at 05/08/2026
USD1.56
▲ −0.02 (−1.27%)
Market capitalisation
USD332m
Research: TMT
As previously flagged, Nano Dimension has launched a tender offer at $18/share to buy up to 40.8% of Stratasys shares, with the aim of taking its stake to 55%. This would cost up to $502.7m in cash; we note that Nano Dimension had cash and short-term deposits of $957m at 21 May. On the same day the tender offer was launched, Stratasys announced plans to merge with Desktop Metal.
Nano Dimension |
Tender offer for Stratasys launched |
30 May 2023 |
Share price performance
Business description
Analyst
Nano Dimension is a research client of Edison Investment Research Limited |
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As previously flagged, Nano Dimension has launched a tender offer at $18/share to buy up to 40.8% of Stratasys shares, with the aim of taking its stake to 55%. This would cost up to $502.7m in cash; we note that Nano Dimension had cash and short-term deposits of $957m at 21 May. On the same day the tender offer was launched, Stratasys announced plans to merge with Desktop Metal.
Company acquisition |
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.
In July 2022, Nano Dimension acquired a 12% stake in Stratasys (Nasdaq: SSYS) to give shareholders exposure to ‘large, stable, more mature, mostly polymer-based additive manufacturing technologies’. It subsequently increased this stake to 14.5% and in March made a formal, non-binding offer to acquire the remaining shares at US$18.00/share. It then increased the offer, first to US$19.55/share and then to US$20.05/share as its ‘best and final offer’. On 5 April the company announced that, while it remained willing to negotiate a consensual transaction at the ‘best and final offer’ level of US$20.05/share, it was preparing to start a special tender offer at US$18.00/share with the goal of acquiring a stake of at least 51%, including the stake it already held. On 25 May it launched the tender offer (which runs until the end of 26 June), seeking to buy up to 27.926m shares (40.8% of shares outstanding) to take its stake up to 55%, with a minimum of 53% for the offer to be successful. The price represents a 21% premium to the 24 May $14.88 closing price and a 20% premium to the volume weighted average price over the last six months. Stratasys has confirmed that within the next 10 business days it will carefully review and evaluate the offer to determine the course of action it believes is in the best interests of the company and shareholders.
In parallel, Nano Dimension is seeking relief from an Israeli court confirming that according to Israeli companies law, Stratasys’s poison pill cannot be triggered in response to this special tender offer. This action relates to the limited duration shareholder rights plan that Stratasys has in place to encourage anyone seeking to gain a significant stake to negotiate directly with the board.
On the same day the tender offer was launched, Stratasys announced a definitive agreement to merge with Desktop Metal (NYSE: DM) in an all-share deal that would see Stratasys owning 59% of the combined group. Among other conditions, shareholder approval is required from both companies (a majority of shares outstanding). Nano Dimension already holds nearly 15% of Stratasys shares and, via the tender offer, may own more than this by the date of the Stratasys shareholder meeting.
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Research: Financials
CoinShares International (CS) has moved on from the turmoil in digital asset markets in 2022 and has delivered Q123 EBITDA of £8.4m, with a meaningfully positive revenue and income contribution from both its passive asset management services (£9.4m) and its proprietary trading activities (£6.7m). It maintains a prudent cost management approach, with administrative expenses (incl. D&A and direct costs) of £7.6m in Q123, down c 22% y-o-y and broadly comparable with £7.9m in Q422 (excluding a goodwill write-down). It now trades at 0.8x its end-March 2023 book value.