Solar material producer, 3M’s tender offer to buy all issued and outstanding shares of ceramics firm Ceradyne common stock was completed on 27 November with a price of US$35 per share.
The depositary for the tender offer stated that as of the offers expiration on 27 November, a total of 21,093,164 shares were validly tendered and not withdrawn in the offer. They represent nearly 88% of Ceradyne’s outstanding shares. Notices of Guaranteed Delivery have been sent to 1,824,343 shares that have not been tendered.
This is the first step in 3M’s two-step acquisition of Ceradyne. 3M plans to finish the final step in its acquisition today, which will be a short-form merger under Delaware law, and see its wholly owned subsidiary Cyborg Acquisition, merge with and into Ceradyne. Each share of Ceradyne common stock not tendered in the tender offer, that is not held by 3M, will be converted into the right to receive US$35 per share in cash.