Nano Dimension and Desktop Metal have jointly announced that Institutional Shareholder Services (‘ISS’), a leading proxy advisory firm, has recommended that Desktop Metal shareholders support the merger agreement and other proposals related to the transaction.
The acquisition, which is seen as a significant step in the additive manufacturing industry, follows a period of intense negotiations. ISS highlights that Nano Dimension’s share price increased by 16.7 per cent following the announcement of the deal, indicating the positive market reaction. This illustrates that there could be risks to the share value if the merger fails.
Ric Fulop, Desktop Metal’s Founder, Chief Executive Officer, and member of the board of directors, said, “As ISS has concluded, Nano Dimension’s offer is expected to represent a premium for shareholders. We strongly urge shareholders to follow the ISS recommendation and vote today to support this acquisition as we transition through a critical moment in the Additive Manufacturing industry. While we await the final vote and regulatory approvals, we look forward to working with Nano Dimension to join two great companies and their devoted teams that can serve our shareholders to the maximum extent possible.”
Yoav Stern, Nano Dimension’s Chief Executive Officer and member of the board of directors, added, “We are pleased to get ISS’s support on our merger agreement with Desktop Metal. As a leading independent proxy advisor, their review and support of this transaction is a testament to the work we did to ensure it was a fair, value-creating opportunity for all shareholders. We look forward to receiving similar support from Desktop Metal’s shareholders and being able to close the transaction as soon as possible thereafter, subject to required regulatory approvals.”
The vote by Desktop Metal shareholders is a decisive step towards finalising the takeover, while Nano Dimensions shareholders are not invited to vote.
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