3M Expands Abrasive Systems Division
3M Company (NYSE:MMM) and Winterthur Technologies AG have announced entering into an agreement for 3M’s acquisition of Winterthur for USD $63.56 per share by way of a public tender offer. The proposed transaction has an aggregate value of approximately USD $448 million.
Winterthur’s Board of Directors unanimously recommends the offer to Winterthur’s shareholders. The offer is conditional upon a tendering of 66.67 percent of the shares of Winterthur. Winterthur’s Chairman will tender his 14 percent of the shares in Winterthur to 3M.
The transaction between 3M Company and Winterthur is expected to be finalized in the first quarter of 2011. 3M estimates the acquisition to be slightly dilutive to earnings in the first 12 months on a GAAP reported basis.