General Electric on Thursday raised its recommended bid for Arcam to value the Swedish 3D printer maker at 6.2 billion crowns ($696 million), a day after abandoning its planned takeover of Germany’s SLM Solutions.
GE lifted its bid to 300 crowns per share from 285 crowns. The U.S. industrial conglomerate, one of Arcam’s largest customers, also said it had reduced the minimum acceptance threshold in the offer to 75 percent. The bid represents a premium of around 61 percent relative to Arcam’s closing price the day before the first bid was made on September 6. GE said it controlled 46 percent of Arcam shares.
The company separately said it would buy a 75 percent stake in German 3D printer maker Concept Laser.
“We have taken further steps to pursue Arcam ownership as we advance our additive strategy,” said David Joyce, GE vice chairman and president and CEO of GE Aviation. “We are delighted to achieve the strategic cornerstone in our additive strategy by announcing today our acquisition of Concept Laser. The Arcam offer is a next step in our strategy. We have become the partner of choice in the additive space and are receiving numerous requests for alternative ways to accelerate our strategy.”