Stratasys Ltd said on Wednesday its board had rejected smaller peer Nano Dimension Ltd’s $1.1 billion offer to acquire the stake it does not already own in the Israeli 3D printer maker.
Stratasys’s shares rose 4.39 per cent to $15.36 in premarket trading.
Nano earlier this month offered $18 per share for the stake.
Following a review, the board concluded that Nano’s proposal substantially undervalued the company, Stratasys said.
Nano Dimension currently owns about 14.5 per cent of Stratasys’s outstanding shares and is the largest shareholder in the company founded over 30 years ago.
The company had disclosed a 12.12 per cent stake in July last year, shortly after which Stratasys adopted a limited shareholder rights plan or “poison pill”.
Nano Dimension was not immediately available for comment.
