3M Announces Preliminary Final Results of Tender Offer for Shares of Winterthur Technologie AG
1 March 2011
3M has announcedthe preliminary final results of its tender offer for shares of Winterthur Technologie AG. Shares representing 56.1 percent of the shares of Winterthur were tendered during the offer period. Together with shares purchased from shareholders outside of the offer process, the tender offer will result in 3M owning 85.3 percent of Winterthur’s shares.
"We are very pleased with the results of our offer," said Chris Holmes, vice president and general manager, 3M Abrasive Systems Division. "We are looking forward to working closely with the company’s leadership to establish our new relationship. As Winterthur’s most substantial shareholder, we are eager to see that the company takes all necessary steps to ensure its continued success."
Pursuant to 3M’s agreement with Winterthur, a new board will be elected at the earliest opportunity. "We would like to see the new board place a priority on investing for the long-term," said Holmes. "We believe the focus should be on geographic expansion, acquisitions and new product innovation."
3M continues to believe that a complete merger between Winterthur and 3M is in the best interest of all stakeholders, including customers, employees and shareholders. Accordingly, 3M intends to continue to look for opportunities to increase its stake in the company. Definitive results of the offering will be announced on March 3. 3M previously announced its agreement to acquire Winterthur for CHF 62.00 per share.