4 big deal reports: Stratasys finally agrees to talks with 3D Systems, spurns Nano

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Investing.com — Here is your Pro Recap of 4 head-turning deal dispatches you may have missed last week: Stratasys agrees to merger discussions with 3D Systems and rejects Nano again; VMware-Broadcom receives clearance from U.K. regulator; merger deal signed between Dell and Moogsoft, and KKR picks up a specialty chemicals name.

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After six weeks of unsolicited proposals and rejections, Stratasys (NASDAQ:SSYS) said early last week that 3D Systems’ (NYSE:DDD) most recent revised buyout offer “would reasonably be expected to result in a ‘Superior Proposal'” as defined within its all-stock $1.8 billion merger agreement with Desktop Metal (NYSE:DM), inked in May.

Under the terms of this latest 3D Systems offer, each Stratasys share would convert into $7.50 in cash and 1.5444 shares of the combined company, representing some 44% ownership for Stratasys shareholders.

Earlier that same day, Stratasys strongly rejected Nano Dimension’s (NASDAQ:NNDM) latest partial tender offer – for $24 per share in cash – saying in a letter to shareholders that the hostile offer is “misleading, coercive, substantially undervalues the Company as a whole and is NOT in the best interests of all Stratasys shareholders.” Stratasys added:

That triggered an equally strong response from Nano, which cited an Israeli district court judge in a letter to shareholders and claimed that holders “cannot rely on the accuracy and reliability of news releases and announcements and presentations which are written and published by your Board and management.”

Stratasys shares lost 4.6% to $20.27 for the week, while 3D Systems slid 8.8%. Desktop Metal was off 1.1%, and Nano gained 5% over the past five sessions.

VMware (NYSE:VMW) shares surged more than 5% on Wednesday following the provisional clearance by the U.K.’s Competition and Markets Authority (CMA) for the anticipated acquisition of VMware by Broadcom (NASDAQ:AVGO), as reported in real time on InvestingPro.

According to a statement from the CMA, the regulatory body has provisionally determined that the merger may not significantly reduce competition in the supply of various server hardware components in the U.K. However, it’s important to note that this is not the final decision, and a final report is scheduled to be released by September 12.

Earlier this month, the deal received conditional approval from the European Commission.

Dell Technologies (NYSE:DELL) announced its definitive agreement to acquire Moogsoft, an AI-driven intelligent monitoring solutions provider for DevOps and ITOps.

This move will enhance Dell’s AIOps capabilities and align with its “multicloud by design” strategy. The transaction is expected to be closed in Q3.

Chase (NYSE:CCF), a prominent global manufacturer of protective materials for high-reliability applications, has confirmed that it will be acquired by an affiliate of investment funds managed by KKR, a leading global investment firm. As a result, Chase shares gained more than 3% on Thursday.

As per the agreement, KKR will purchase all outstanding shares of Chase common stock at a price of $127.50 per share in cash, valuing Chase at around $1.3B, including the assumption of debt.

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