By Svea Herbst-Bayliss NEW YORK - Influential proxy advisory firm Institutional Shareholder Services recommended 3D printer manufacturer Stratasys shareholders reject plans to buy DesktopBy Svea Herbst-Bayliss
ISS's recommendation, which tends to carry significant weight with shareholders, comes only days before the Sept. 28 vote and marks the latest twist in a years-long drama over how the 3D printing industry may be consolidated. Desktop Metal made its all-stock deal proposal on May 25, valuing its equity at approximately $591 million in aggregate.
But as Stratasys', Desktop Metal's and 3D Systems' share prices have dropped in the last 52 weeks, ISS argued that 3D Systems' cash and stock offer for Stratasys"holds out an important hedge against further declines."
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Proxy advisor ISS opposes Stratasys, Desktop Metal merger in 3D printingInfluential proxy advisory firm Institutional Shareholder Services recommended 3D printer manufacturer Stratasys shareholders reject plans to buy Desktop Metal, saying another offer 'presents a more convincing route to value creation,' in a note seen by Reuters on Wednesday. ISS's recommendation, which tends to carry significant weight with shareholders, comes only days before the Sept. 28 vote and marks the latest twist in a years-long drama over how the 3D printing industry may be consolidated. 'It is not clear that it (the all-stock offer Stratasys made for Desktop Metal) creates value for 3D printer manufacturer Stratasys shareholders,' ISS wrote in its note to clients with a headline 'vote against acquisition at SSYS meeting.'
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