The shareholders of Desktop Metal have approved the planned takeover by Nano Dimension. The transaction is expected to be completed in the fourth quarter of 2024, subject to final regulatory approvals.
At an extraordinary shareholders’ meeting, 96% voted in favour of the takeover. A total of 60% of the approximately 33 million outstanding shares were in favour of the deal. This approval was a decisive step in the takeover process after the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act had already expired in August.
The chances of success for the takeover were high from the outset, as Nano Dimension submitted a cash offer and Desktop Metal has a concentrated shareholder structure. 31.8% of the company’s shares are held by company insiders.
Ric Fulop, founder and CEO of Desktop Metal, commented: ‘The industry needs the combination of great products and technology with a strong balance sheet to become self-sustaining. The agreement with Nano Dimension is the best offer for shareholders to realise value from their current Desktop Metal holdings.’
Yoav Stern, CEO of Nano Dimension, added: ‘We are one step closer to finalising the acquisition of Desktop Metal and creating a strong, new leader in digital manufacturing.’
The approval by Desktop Metal shareholders comes shortly after Nano Dimension reached an agreement to acquire Markforged. Markforged shareholders will vote on this merger between now and the first quarter of 2025.
These developments underline the ongoing consolidation trend in the additive manufacturing industry. By pooling resources and technologies, companies are aiming to strengthen their market position and utilise synergies.
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