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.