Stratasys Shares Climb After It Dumps Nano Dimension's Takeover Offer At $18 Per Share

On March 22, Polymer 3D printing solutions provider Stratasys, Ltd's SSYS board unanimously rejected Nano Dimension Ltd's NNDM takeover offer for $18.00 per share in cash.

  • Following the review, the Stratasys board concluded that Nano's proposal substantially undervalues the company and is not in the best interests of Stratasys and its shareholders.
  • Stratasys' board and management team are confident its standalone plan will create significantly greater value for its shareholders than the Nano proposal. 
  • Stratasys recently delivered its sixth consecutive quarter of profitability on an adjusted basis despite a challenging economic environment.
  • In March, Stratasys reported a fourth-quarter FY22 revenue decline of 4.6% year-over-year to $159.26 million, beating the consensus estimate of $157.58 million.
  • Adjusted EPS of 7 cents beat the consensus estimate of 3 cents
  • Stratasys shares have gained over 23% YTD, beating the broader index SPDR S&P 500 SPY, which gained 4.3%.

Price Action: SSYS shares traded higher by 3.36% at $15.08 at the last check Wednesday.

Now Read: 'Please Resign Immediately' Before We 'Find Out Who You Are Anyway': Leaked 2010 Email From Mark Zuckerberg Emerges

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: M&ANewsPenny StocksSmall CapTechBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!