Stratasys' stock jumps after 3D Systems raises cash-and-stock bid, implying 20% premium

Shares of Stratasys Ltd. (SSYS) rose 3.2% in premarket trading Tuesday, after the 3D printer company received a raised buyout bid from 3D Systems Corp. (DDD), which 3D Systems said represents "meaningful enhancements" to its previous bid. 3D said its new bid, Stratasys shareholders will receive $7.50 in cash and $1.3223 new 3D shares for each Stratasys share they own. Based on Monday's closing prices, that would value Stratasys shares at $19.53 each, or a 20.4% premium. The previous bid was for $7.50 in cash and 1.2507 3D shares. 3D said its new bid is "more favorable to Stratasys shareholders than the announced Desktop Metal combination and should be deemed a superior proposal by the Stratasys board." On May 25, Stratasys and Desktop Metal Inc. (DM) had agreed to combine in an all-stock deal valued at about $1.8 billion. Since then, Nana Dimension Ltd. (NNDM) had also stepped in with a bid to buy Stratasys, at $18 per share in cash. Stratasys shares have rallies 14.7% over the past three months while the S&P 500 has gained 8.8%.

-Tomi Kilgore

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06-27-23 0640ET

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