This book includes a plain text version that is designed for high accessibility. To use this version please follow this link.
JUNE 2012


Legal Transactions


91


StRataSYS and oBJEt aGREE to coMBInE to cREatE a LEadER In 3d PRIntInG and dIREct dIGItaL ManUFactURInG


Stratasys, Inc. (naSdaQ:SSYS), a leading manufacturer of 3d printers and production systems for prototyping and manufacturing applications, and privately held objet Ltd., a leading manufacturer of 3d printers for rapid prototyping, today announced that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies would combine in an all-stock transaction with a combined equity value of approximately $1.4 billion, based upon the closing price of Stratasys' common stock on april 13, 2012. the transaction will position the combined company as a leader within the high-growth 3d printing and direct digital manufacturing industry.


Under the terms of the agreement, Stratasys will merge with a subsidiary of Objet, and Stratasys shareholders will receive one share of the new combined company for each share of Stratasys common stock they own. Upon closing of the transaction, Stratasys shareholders are expected to own 55 percent and Objet shareholders are expected to own 45 percent of the combined company on a fully diluted basis using the treasury stock method.


The combined company, which will retain the Stratasys name and operate under the name Stratasys Ltd., will have dual headquarters in Eden Prairie, Minnesota and Rehovot, Israel, the locations of Stratasys' and Objet's current headquarters, respectively, and will be registered in Israel. The company will continue to trade on NASDAQ under the ticker SSYS. Scott Crump, co-founder, current chief executive officer and chairman of Stratasys, will become full-time chairman of the combined company. LM


 

















caMERon to acQUIRE tHE ttS EnERGY dIVISIon FRoM ttS GRoUP aSa


ttS Group aSa have entered into an agreement to sell its drilling equipment business, a part of ttS Energy division, and relevant subsidiaries, to cameron International corporation (nYSE: caM) for USd 270 million, plus a turnover based earn-out model for a three-year period.


Offshore Handling (cranes and winces), which is also a part of the TTS Energy division, is not included in the divestment. The transaction strengthens TTS Group financially and enables it to focus upon further growing and developing of the group. After the transaction, TTS Group will consist of TTS Marine, TTS P&L and Offshore Handling.


The transaction before earn out will give TTS Group a profit approximately NOK 300 million Norwegian Kroner, and is expected to close in the second quarter of 2012. The transaction is subject to customary closing conditions, including approval from the relevant competition authorities.


The divestment is an active step by TTS to participate in the on-going further developments of the drilling equipment industry, and is industrially right for both the group as whole and for its drilling equipment business unit.


“The offshore industry is moving towards larger, more integrated units, offering a broader scope of services. Cameron, with its global sale- and service network, will be a good owner and is in a better position to further develop our drilling equipment business”, says TTS President and CEO, Johannes D. Neteland. LM


 


  








www.lawyer-monthly.com


Stratasys Inc and Objet


TTS Energy


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100