3M and Ceradyne Inc. recently announced that they have entered into a definitive agreement for 3M to acquire Ceradyne for $35 per share. The transaction has an aggregate value of approximately $860 million, or approximately $670 million net of cash, cash equivalents, short-term investments and debt acquired.
The agreement reportedly provides for a subsidiary of 3M to commence a tender offer to purchase all outstanding shares of Ceradyne within 10 business days. The Ceradyne Board of Directors has unanimously recommended that the stockholders of Ceradyne accept the offer.
The combination of Ceradyne and 3M is expected to enable new technologies and innovation for materials requiring advanced ceramics. Ceradyne will join the 3M Energy and Advanced Materials Division within 3M’s Industrial and Transportation Business.
For additional information, visit www.3m.com or www.ceradyne.com.
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