3M completes tender offer for Ceradyne shares

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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.

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