Last close As at 05/08/2026
USD1.56
▲ −0.02 (−1.27%)
Market capitalisation
USD332m
Research: TMT
Nano Dimension has withdrawn its tender offer for Stratasys, stating that it would not be able to complete the transaction due to Stratasys’s shareholder rights plan. It has also withdrawn its proposal to replace Stratasys directors at its upcoming AGM. The company intends to review its investment in Stratasys, with the sale of its stake on the open market an option, and expects to pursue the backlog of alternative M&A opportunities.
Nano Dimension |
Tender offer for Stratasys withdrawn |
Company acquisition |
Tech hardware and equipment |
1 August 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Nano Dimension has withdrawn its tender offer for Stratasys, stating that it would not be able to complete the transaction due to Stratasys’s shareholder rights plan. It has also withdrawn its proposal to replace Stratasys directors at its upcoming AGM. The company intends to review its investment in Stratasys, with the sale of its stake on the open market an option, and expects to pursue the backlog of alternative M&A opportunities.
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 28 July, Nano Dimension announced that it was discontinuing its special tender offer for Stratasys, stating that Stratasys’s shareholder rights plan (effectively a poison pill) would make it impossible to complete the transaction. Removal or termination of the Stratasys shareholder rights plan was one of the conditions for the closing of the tender offer and the Stratasys board has made it clear this will not happen prior to the expiry of the tender offer on 31 July. Nano Dimension has decided it is no longer practical to pursue the election of its nominees to the Stratasys board and has withdrawn its nominees.
Nano Dimension’s 14.1% stake (9,695,115 shares) was worth $180m at Friday’s closing share price of $18.61. This is in addition to the $974m in net cash that was on the balance sheet at the end of Q123. We expect the company to continue to seek suitable targets to acquire with the support of its strong balance sheet.
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Research: Metals & Mining
Pan American Silver (PAAS) announced divestment of a number of non-core assets, including MARA and Morococha. The sale is in line with the company’s intention to optimise its project portfolio following the acquisition of Yamana’s Latin American assets earlier this year. It will generate combined cash proceeds of US$593m, plus net smelter return (NSR) royalties, resulting in a stronger balance sheet as well as a significant reduction in care and maintenance (C&M) costs. We will update our estimates and valuation following the release of the Q223 financial results scheduled for 9 August.