Stratasys Ltd. (NASDAQ: SSYS), a leading provider of 3D printing solutions, announced today that it has received an unsolicited buyout proposal from rival 3D Systems Corp. (NYSE:DDD). The proposal values Stratasys at $1.21 billion, or $17.92 per share.
3D Systems has proposed to acquire Stratasys for $7.50 in cash and 1.2507 of its newly issued stock for each share of Stratasys. The proposal is subject to a number of conditions, including the approval of Stratasys' board of directors and the receipt of regulatory approvals.
Stratasys' board of directors has formed a special committee to review the proposal. The committee will consider the proposal and make a recommendation to the board of directors.
"We are pleased that 3D Systems has expressed interest in acquiring Stratasys," said Stratasys CEO Yoav Stern. "We believe that a combination of our two companies would create a leading global provider of 3D printing solutions with a strong portfolio of products and services. We will carefully review the proposal and make a decision that is in the best interests of our shareholders."
3D Systems CEO Avi Reichental said, "We believe that a combination of 3D Systems and Stratasys would create a global leader in additive manufacturing with a broad product portfolio and a strong customer base. We are confident that this combination would create significant value for our shareholders and customers."
The proposed acquisition comes at a time of rapid growth for the 3D printing industry. The global market for 3D printers is expected to reach $21.2 billion by 2023. Stratasys and 3D Systems are two of the leading players in the industry, and a combination of the two companies would create a major force in the market.
The proposed acquisition is likely to face scrutiny from antitrust regulators. However, if it is approved, the combination of Stratasys and 3D Systems would create a powerful player in the 3D printing industry.
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