What happened

The 3D printer-maker Stratasys (SSYS 2.66%) remains in play -- and its stock is up another 8% as of 11:05 a.m. ET.

Nearly a month after 3D printer-making rival 3D Systems (DDD) announced its interest in buying Stratasys (so that Nano Dimension (NNDM -0.41%) cannot buy Stratasys, and so that Stratasys does not buy Desktop Metal (DM -0.29%)) -- but Stratasys demurred -- 3D announced today that it is raising its bid for Stratasys.  

So what

3D hopes it's making an offer too good for Stratasys to pass on. So what is 3D offering, exactly? Basically, more stock.

Back at the start of June, if you recall, 3D offered to pay $7.50 per in cash, and hand over 1.2507 3D Systems shares, in exchange for each share of Stratasys outstanding. Today, the cash component of 3D's offer remains unchanged, but the company is raising its equity offer to 1.3223 shares of 3D. And at 3D's current share price of $9.72, that works out to an additional $12.85 in value.

This makes 3D's total Stratasys worth $20.35 per share, in cash and stock.

Now what

Nano Dimension, by the way, isn't giving up this fight -- although it appears to be losing the bidding war. No sooner had 3D raised its offer than Nano Dimension raised its own offer to $20.05 per share, from a previous bid of $18. Not only is this a lower bid than what 3D is offering, though (albeit it would be paid all in cash), but Nano Dimension isn't even offering to buy all of Stratasys, but only somewhere between 31.9% and 36.9% of the shares outstanding. (Nano Dimension's goal, you see, is simply to obtain majority ownership of Stratasys -- without necessarily buying the whole company).

Stratasys's board says it will consider 3D's new offer (and presumably, Nano Dimension's as well). But at last report, Stratasys wasn't keen on the idea of anybody owning it, and preferred to do the buying itself -- hence the interest in Desktop Metal.  

Investors, however, seem to clearly prefer 3D's offer. Not only is Stratasys stock up strongly today, but 3D Systems' stock is up a solid 7%. Whether Stratasys's management will bow to the evident will of its shareholders, however, remains to be seen.