ST. PAUL, Minn. (AP) -- 3M Co. said Wednesday that it completed its tender offer for shares of Ceradyne Inc. and expects to close its $847 million acquisition of the ceramic components maker quickly.
At the time the $35 per share tender offer expired on Tuesday, a total of 21.1 million shares were validly tendered, representing about 88 percent of Ceradyne's outstanding stock. In addition, notices of guaranteed delivery were delivered covering an additional 1.8 million shares that have not yet been tendered, representing about 8 percent of Ceradyne's outstanding stock, 3M said.
The $35-per-share offer represents a 43 percent premium over Ceradyne's share price before the announcement of the deal in September.
St. Paul, Minn.-based 3M, which makes Post-It notes and other products, said it will exercise the "top-up option" included its deal, where it will buy from Ceradyne additional shares of common stock and complete the acquisition.
Any shares not tendered will be converted into the right to receive $35 in cash, the company said.
3M shares fell 70 cents to $89.61 in morning trading. Its shares are down from a 52-week high of $95.46 in early October. They fell as low as $77.51 in mid-December.