Cleary Gottlieb Steers 3M In $860M Deal For Ceramics Co.

Law360, New York (October 1, 2012, 12:33 PM EDT) -- 3M Co.will swallow up ceramic products maker Ceradyne Inc. in a deal worth $860 million, the Minnesota-based manufacturing giant said Monday, a move that will build on its industrial materials, energy and transportation segments.

Under the terms of the cash deal, 3M will pay $35 for each Ceradyne share, a 43 percent premium over Friday's closing price. 3M will launch a tender offer within 10 business days, it said, which has already been unanimously approved by Ceradyne's board. Pending shareholder approval, the companies said they expected...
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