3M already announced in October this year that it will go ahead with the acquisition of Ceradyne Inc. for US$860 million and thereby expand into the ceramics business. Ceradyne, among other technical ceramic products, manufactures fused silicia crucibles for casting multicrystalline silicon solar cells for the PV industry.
The tender offer expired at 5 p.m. New York time on November, 27. The depositary for the tender offer has advised that, as of such time, a total of 21,093,164 shares were validly tendered and not withdrawn in the offer, representing approximately 87.7% of Ceradynes currently outstanding shares (or approximately 85.8% calculated on a fully diluted basis).
This is the first step of 3M’s acquisition of Ceradyne pursuant to the previously announced merger agreement among Ceradyne, 3M, and 3Ms wholly owned subsidiary, Cyborg Acquisition Corporation. 3M will exercise the "top-up option" under the merger agreement, pursuant to which Cyborg Acquisition Corporation will purchase from Ceradyne additional shares of Ceradyne common stock. Later today the company intends to complete the second and final step of the acquisition, a short-form merger under Delaware law.