October 26, 2016 / 4:55 PM / 2 years ago

GE abandons bid for German 3D printing firm SLM

The logo of Down Jones Industrial Average stock market index listed company General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California April 13, 2016. REUTERS/Mike Blake

FRANKFURT (Reuters) - U.S. conglomerate General Electric (GE.N) said on Wednesday its 683 million-euro ($745 million) offer for German 3D printer maker SLM Solutions (AM3D.DE) had lapsed after it failed to reach its minimum acceptance threshold of 75 percent.

“GE has no plans to revisit the offer. The deal is over,” a spokesman said in an emailed statement, adding that details of the acceptance rate would be published on Thursday.

GE had refused to extend or change its 38-euros-per-share offer for SLM after activist investor Elliott Advisors, which owns 20 percent of SLM, said it would reject the bid. GE’s finance chief said the company had alternatives.

SLM shares were down 5.7 percent in after-market trading in Frankfurt (AM3D.F).

($1 = 0.9163 euros)

Reporting by Georgina Prodhan

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below