The US company Stratasys has rejected a takeover bid from 3D printing competitor 3D Systems. The board of Stratasys assessed the updated offer from 3D Systems as too low. Instead, Stratasys is sticking to its planned merger with Desktop Metal.
3D Systems had offered $15.26 per share for Stratasys in early September, nearly 3 percent above its share price at the time. However, after review, the Stratasys board concluded that this price significantly undervalued the company.
According to Stratasys, the due diligence also revealed major risks at 3D Systems, such as declining sales and profits. In addition, Stratasys doubts that 3D Systems’ projected synergies would be achievable. Regulatory hurdles and the departure of employees also pose risks, according to Stratasys.
Instead, the company plans to stick with its announced merger with Desktop Metal. Shareholders are expected to vote on the merger at a shareholder meeting in late September. Stratasys encouraged shareholders to vote in favor of the merger.
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