Stratasys rejects Nano Dimension's $1.1 billion offer for remaining stake

(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)

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