Nano Dimension has put forth its own CEO Yoav Stern and six other board nominees at American-Israeli rival 3D printing company Stratasys. Nano is also running a partial tender offer seeking to take its Stratasys stake from about 14% to 51%.
On Tuesday, Stratasys said that it will hold its annual meeting on August 8, when shareholders will get the chance to either vote for management’s eight-person slate or Nano’s seven directors. The slate of nominees receiving a majority of the votes shall be elected, said Stratasys.
Nano CEO Stern and five other executives feature on the dissident slate, which also includes former Stratasys director Zeev Holtzman, the proxy target revealed Tuesday.
The proxy contest adds pressure on Stratsys’ top echelon, which is already under fire from activist fund Donerail Group over the company’s $1.8-billion merger agreement with 3D printer maker Desktop Metal.
Donerail would like Stratsys to drop that deal and pursue a better one, potentially with 3D Systems, which last week made a $20 per share cash-and-stock takeover offer. Stratasys rejected 3D Systems’ proposal, saying the Desktop Metal transaction is superior.
Nano tried to acquire Stratasys for months. After seeing several takeover offers rebuffed by Stratasys, Nano in May launched a partial tender offer now priced at $20.05 per share. Stratasys has said Nano’s bid ‘‘substantially undervalues’’ its business and urged investors to not participate in the tender.
Nano itself is in the crosshairs of an activist. Last week, Canadian hedge fund Murchinson came out against the company’s pursuit of Stratasys. The activist earlier this year held a special meeting of Nano shareholders and claimed victory in replacing four Nano directors, including CEO and Chairman Stern, with its own two nominees. Nano rejected that vote and the matter spilled into a legal brawl.