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Stratasys commits to Desktop Metal merge; terminates discussions with 3D Systems

Additive Manufacturing

Sep 12, 2023

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Sep 12, 2023

Stratasys commits to Desktop Metal merge; terminates discussions with 3D Systems

M&A

Stratasys, a polymer 3D-printing solutions company, rejected a revised proposal that it received from 3D Systems to acquire Stratasys. The company reaffirmed its support for the pending merger with Desktop Metal.
Stratasys' Board has unanimously concluded that 3D Systems' proposal significantly undervalues Stratasys and does not qualify as a "Superior Proposal" under Stratasys' merger agreement with Desktop Metal.
The board cited multiple concerns regarding 3D Systems, including its growth prospects, gross margins, profitability, synergy potential, regulatory approval risks, and the ability of 3D Systems' management to run a combined company.
Analyst QuickTake: Stratasys had earlier turned down a proposal from 3D Systems this June. Instead, Stratasys reaffirmed its commitment to merging with Desktop Metal and took steps to advance the process by filing a preliminary Form F-4 with the US Securities and Exchange Commission. The company aimed to finalize this transaction in Q4 2023.

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