This is pure speculation on my part, but for my money I think that GE is going to want to acquire 100% of Arcam.
First of all, I think GE by virtue of being Arcam's biggest customer and being the company most likely to put Arcam on the map in a big way, already have plenty of control over Arcam without the need to invest in them. I think GE is buying Arcam because in addition to being an end user of their products they also realize that 3D printing will be the next industrial revolution and they want to get into that space in a big way as an OEM because if you're first to market with products/solutions that work, there is going to be a lot of money to be made. I think GE wants to be to 3D printing (at least metal 3D printing) what Microsoft is to computing.
Because of GEs know how as well as their enormous resources they can speed up product development and innovation significantly in the 3D printing space and put products out there long before anyone else, and as they do that, continuously filing patents making it harder for anyone else to compete in that space, but that only works if they own Arcam outright, otherwise any return on that investment will go to Arcam and not GE and that would be like giving money away.
Since GE is also buying SLM solutions who uses lasers in their machines, could it be that GE looking to build a hybrid 3D printer of sorts that uses both laser and EBM during a build and get the best of both worlds? I don't have the expertise to evaluate if this is something worth doing, but if it is, then GE needs to own both companies outright to be able to combine their technologies and patents.
If I'm right, then GE needs to get to 90% somehow in order to force the buyout. My question is: Can GE get to 90% outside of just raising the price? e.g. could GE put money into Arcam in return for Arcam issuing new stock that would then be given to GE in order to bring them to 90% while at the same time diluting everyone else? Is such a scheme even possible or legal?
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