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UPDATE 3-Objet drops IPO, to merge with Stratasys

by:Tuowei     2019-09-09
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Add signature, execute comments, background, share move)
* A combined 3D printer manufacturer worth about $1.
4 bln * Stratasys shareholders have 55 pct * Stratasys of the consolidated company using poison pills to prevent unsolicited bids (
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By gosh Sayantani April 16 (Reuters)-
Israel\'s Objet Co. , Ltd. has abandoned its IPO plan, but will merge with other 3D printer manufacturer Stratasys Inc. for stock trading, valuing the merged company at about $1. 4 billion.
The new concerns will be led by David Reis, CEO of Objet, and Stratasys shareholders will have a 55% stake.
Scott Crump, Stratasys CEO, will be officiallytime chairman.
Stratasys shares rose 26% to $45.
Shares of rival 3D systems rose 12% to $27.
44, the highest point of two stocks in the past year.
Objet submitted documents to the United StatesS.
In March 22, regulators raised $75 million in initial public offerings.
Reis said in a telephone interview that at the time, Objet was already negotiating with Stratasys but wanted to keep its options open.
As of April 13, Stratasys had a market valuation of approximately $0. 766 billion. (
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Shares per share owned by Stratasys shareholders will receive a share of the consolidated company.
The new company will operate in the name of Stratasys Ltd and continue trading on NASDAQ with the stock code \"SSYS.
\"The integrated marketing and sales capabilities will provide a broad geographic scope, which will help increase customer awareness of the many opportunities to use 3D printing and rapid prototyping technologies,\" the companies said . \".
There is very little overlap, says Reis.
Both Objet and Stratasys make 3D printers for making product prototypes or three-
Extract size objects from digital files and can use computers to make everything from mobile phones to cars
Control the printer.
Stratasys lists Caterpillar, Xerox and Honeywell International as its customers, while Objet serves automakers such as Adidas, Intel, 3 m, and Jaguar, Bentley and Mercedes.
Both companies sell to Apple, Autodesk and Chrysler.
Stratasys said in another statement that it took a limited-
Term shareholder rights agreement, which will pay a dividend for each outstanding common stock held to purchase a common stock of the company.
If someone becomes a beneficial owner of 10% or more of Stratasys common stock or plans to purchase, poison pills will work.
This will prevent unsolicited bids when these companies close the transaction.
The companies said they expected the deal to be completed by 2012 and added per-
Share profits within 12 months.
Revenue for Objet rose 38% to $121.
Net income rose 1 million to $14 in 2011 at $ 42%.
7 million, according to its IPO filing.
Stratasys also predicted first.
Quarterly results exceeded analysts\' expectations.
The company expects a profit of 27 cents to 29 cents per share, excluding projects, and 21 cents last year.
The company expects revenue to grow 31% this year.
Some time ago, about $45 million.
Analysts expect adjusted profits to be 26 cents and earnings of $41.
6 million, according to Thomson Reuters I/B/E/S. (
Said Sayantani Ghosh is in Bangalore.
Edited by Supriya Kurane and Ted Kerr)
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