(Reuters) – The board of German 3D metal printing machine maker SLM Solutions Group AG on Tuesday recommended that its shareholders accept a takeover offer from Japanese camera maker Nikon Corp.
Nikon announced last month its plans to take over SLM Solutions for 622 million euros ($607.20 million), in a bid to become the global leader in metal additive manufacturing.
The Japanese company has obtained binding commitments from SLM Solutions’ key shareholders Elliott Advisors UK Limited (Cornwall), ENA Investment Capital and SLM Solutions’ founder Hans J. Ihde to support the transaction by way of irrevocable tender commitments comprising all of SLM Solutions’ shares.
“Management Board and the Supervisory Board consider the offer price of EUR 20 per SLM Solutions share offered by Nikon as fair, adequate and attractive,” SLM Solutions said in a statement.
Nikon’s tender offer ends on Nov. 1, 2022.
($1 = 1.0244 euros)
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Paul Simao)