|
GE said it will buy Elliott Management and Polygon Investment
Group's outstanding shares for 345 Swedish crowns ($41.44) each.
GE also said it plans to acquire all remaining shares of Arcam
in a compulsory buy-out procedure and to request that the
company delist its shares from the Nasdaq Stockholm exchange.
Activist Elliott built a 10 percent stake in Arcam in October
2016 after GE announced an initial tender for the 3D printer
maker, which the hedge fund rejected.
GE later offered a 5 percent bump on its first offer, raising it
to 300 crowns per share, and Arcam said GE's offer was completed
in November 2016.
A spokeswoman for Elliott declined to comment while Polygon did
not respond to requests for comment.
Arcam shares were up 10.3 percent at 1200 GMT.
3D printing has been used to build prototypes for decades but
has become more widespread for industrial mass production in
recent years, with uses including the production of dental
crowns, medical implants and light aircraft parts.
GE has long been one of the main proponents of industrial 3D
printing, using it to make fuel nozzles for its new LEAP jet
engine in what marked a big step in using the technology in mass
production.
(Reporting by Philip George in Bengaluru and Maiya Keidan and
Ben Martin in London; Editing by Sayantani Ghosh and Adrian
Croft)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
