Shares of polymer 3D printing solutions company, Stratasys (NASDAQ: SSYS) were on an upswing in pre-market trading at the time of writing on Monday after the company stated that it had deemed the revised unsolicited proposal by 3D Systems Corp. (NYSE: DDD) as a “Superior Proposal.” DDD’s revised proposal intends to acquire Stratasys at $7.50 in cash plus 1.5444 shares of 3D Systems for each share of Stratasys, valuing it at around $24.07 a share.
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The company stated that it will be in discussions with 3D Systems subject to the requirements of its merger agreement with Desktop Metal (DM). Earlier this year, Stratasys had entered into a merger agreement with Desktop Metal in an all-stock deal.
Stratasys stated in its press release that it “remains bound by the terms of the Desktop Metal merger agreement. Stratasys’ Board has not determined that 3D Systems’ July 13, 2023 revised proposal in fact constitutes a Superior Proposal as defined in the merger agreement with Desktop Metal, and the Stratasys Board has not changed its unanimous approval, recommendation and declaration of advisability of the transaction with Desktop Metal.”
Analysts remain bullish about SSYS stock with a Strong Buy consensus rating based on five Buys and one Hold.
