We believe now is the time to combine our two companies and are pleased to present to you this non-binding indicative offer (the \u201cIndicative Offer\u201d), which outlines the principal terms and conditions under which NANO would propose to enter into a business combination with Stratasys (the \u201cProposed Transaction\u201d). We are highly confident in the merits of the Proposed Transaction and we strongly believe the offer represents an attractive proposal for all stakeholders of the Company.<\/p>\n<\/blockquote>\n

Stratasys\u2019 board of directors unanimously rejected the bid before the month was out (by which time the price had risen to a $20.05 per share cash offer).<\/p>\n

\u201cConsistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Stratasys Board of Directors carefully reviewed and evaluated the revised proposal,\u201d Stratasys noted in a release. \u201cFollowing its review, the Stratasys Board concluded that Nano\u2019s proposal continues to substantially undervalue Stratasys in light of its standalone prospects and is not in the best interests of Stratasys and its shareholders.\u201d<\/p>\n

On May 25, the company announced a different move altogether. The $1.8 billion all-stock transaction would unite the large polymer-based industrial 3D printing firm with a pioneer in metal 3D printing.<\/p>\n

\u201cToday is an important day in Stratasys\u2019 evolution,\u201d said Dr. Yoav Zeif, CEO of Stratasys. \u201cThe combination with Desktop Metal will accelerate our growth trajectory by uniting two leaders to create a premier global provider of industrial additive manufacturing solutions. With attractive positions across complementary product offerings, including aerospace, automotive, consumer products, healthcare and dental, as well as one of the largest and most experienced R&D teams, industry-leading go-to-market infrastructure and a robust balance sheet, the combined company will be committed to delivering ongoing innovation while providing outstanding service to customers.\u201d<\/p>\n

Desktop Metal CEO Ric Fulop added, \u201cWe believe this is a landmark moment for the additive manufacturing industry. The combination of these two great companies marks a turning point in driving the next phase of additive manufacturing for mass production. We are excited to complement our portfolio of production metal, sand, ceramic and dental 3D printing solutions with Stratasys\u2019 polymer offerings. Together, we will strive to build an even more resilient offering with a diversified customer base across industries and applications in order to drive long-term sustainable growth.<\/p>\n