(Bloomberg) — The top shareholder in Nano Dimension Ltd. has made a proposal to acquire the rest of the 3D printing company it doesn’t already own in a transaction that would value the company at roughly $995 million.
(Bloomberg) — The top shareholder in Nano Dimension Ltd. has made a proposal to acquire the rest of the 3D printing company it doesn’t already own in a transaction that would value the company at roughly $995 million.
Murchinson Ltd. made the non-binding proposal in September to Nano Dimension’s board, according to a letter reviewed by Bloomberg. The firm, which said it owned more than 10 million shares in the company, proposed purchasing the rest of the company on Sept. 5 for $4 a share, a premium of 52% at the time and a 67% premium over where the shares closed Wednesday.
Nano Dimension — which rose more than 23% on the news — was up 8.3% to $2.61 at 11:21 a.m. in New York trading Thursday, giving the company a market value of about $649 million.
“We believe that our proposal is the best opportunity for shareholders to achieve maximum and certain value for their shares,” said Marc Bistricer, Murchinson chief executive officer, in the letter to Nano Dimension’s board.
A representative for Murchinson declined to comment, while a representative for Nano Dimension wasn’t immediately available for comment.
Murchinson, which is based in Toronto, said it had hired a financial adviser, and that it was prepared to start due diligence as soon as possible. It said its proposal was subject to the standard shareholder, board and regulatory approvals.
Shares in Nano Dimension have fallen more than 60% over the past 12 months despite a significant increase in year-over-year sales. The company focuses on research and development of 3D printed electronics.
Nano Dimension said in a statement last month that it expected its third-quarter sales to increase 646% from the same period last year to $10 million. It said it also had a record backlog of $9 million at the end of September.
Yoav Stern, Nano Dimension’s chief executive officer, said on a call in September that the company had managed to deliver the results despite issues related to the war in Ukraine impacting its sales in Central Europe and in countries like Germany.
(Updates trading in third paragraph)
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