(Reuters) – 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% 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% 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% 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.
(Reporting by Kannaki Deka in Bengaluru; Editing by Savio D’Souza and Sriraj Kalluvila)
