Canadian investment firm Murchinson, the largest shareholder in Israeli 3D printing company Nano Dimension (Nasdaq: NNDM) bid to buy out all the shares in the company that it does not own, at a company valuation of $995 million, “Bloomberg” reports, according to a letter it has reviewed.
According to “Bloomberg,” Murchinson, which owns more than 10 million shares in the company, sent a letter to Nano Dimension in September with a non-binding offer to buy the remaining shares at $4 per share, a 52% premium on the company’s share price at the time, and a 67% premium on Nano Dimension’s closing price on Wall Street yesterday.
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In the letter, Murchinson CEO Marc Bristicer wrote, “We believe that our proposal is the best opportunity for shareholders to achieve maximum and certain value for their shares.”
“Bloomberg” added that Murchinson had already hired the services of financial advisors and was prepared to immediately begin due diligence.
According to Nano Dimension’s second quarter results, the money raised by the company in 2020 and 2021 had enriched its coffers by $1.2 billion, considerably more than Murchinson is offering.
Nano Dimension, led by chairman and CEO Yoav Stern, develops and markets 3D printers, mainly for electronics components. In July, Nanon Dimension bought a 12% stake in Israeli 3D printing company Stratasys (Nasdaq: SSYS), which currently has a market cap of $915 million.
Following the “Bloomberg” report, Nano Dimension’s share price rose 10.79% to $2.67, giving a market cap of $687 million. The share price was up a further 1.87% in after-hours trading.
Published by Globes, Israel business news – en.globes.co.il – on November 4, 2022.
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