Shares of Stratasys (NASDAQ:SSYS) experienced a 13% increase yesterday following the announcement of an unexpected takeover bid from Nano Dimensions (NASDAQ:NNDM). The proposed cash transaction values Stratasys at around $1.1 billion.

Nano Dimensions has put forward a proposition to purchase all the shares of Stratasys that it doesn't already own. The offer stands at $16.5 per share in cash, targeting the acquisition of the 3D printing company.

In response to this development, Stratasys' Board of Directors, aided by independent financial and legal consultants, has been evaluating various strategic options for the company, a process initiated earlier in the year.

Stratasys stated that its Board will thoroughly assess and contemplate Nano Dimensions' unsolicited preliminary proposal as a part of this ongoing strategic review process.