3M (MMM) Moves Forward with $35 Tendor Offer for Ceradyne (CDRN)
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3M (NYSE: MMM) today announced that its direct wholly owned subsidiary, Cyborg Acquisition Corporation, has commenced its previously announced tender offer for all outstanding shares of common stock of Ceradyne, Inc. (NASDAQ: CRDN) at a price of $35.00 per share. The tender offer is being made in connection with the Agreement and Plan of Merger, dated as of September 30, 2012, by and among 3M Company, Cyborg Acquisition Corporation and Ceradyne, Inc., which 3M and Ceradyne announced on October 1, 2012.
The board of directors of Ceradyne has unanimously determined that the offer is fair to and in the best interests of Ceradyne’s stockholders and unanimously recommends that the shareholders of Ceradyne accept the offer and tender their shares.
The tender offer is scheduled to expire at 5:00 p.m., New York City time, on Tuesday, November 27, 2012, unless extended.
The board of directors of Ceradyne has unanimously determined that the offer is fair to and in the best interests of Ceradyne’s stockholders and unanimously recommends that the shareholders of Ceradyne accept the offer and tender their shares.
The tender offer is scheduled to expire at 5:00 p.m., New York City time, on Tuesday, November 27, 2012, unless extended.
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