3M Company acquired Ceradyne, Inc. for $860 million aggregate (approximately $670 million net of cash, cash equivalents, short-term investments and debt acquired); $35.00 per share, a transaction announced in October 2012, structured as Cash tender offer at $35.00 per share followed by merger (via 3M subsidiary Cyborg Acquisition Corporation).
Ceradyne, Inc. operates in Industrial (Advanced Ceramics), is based in Headquartered in Costa Mesa, California; operations in the U.S., Canada, China and Germany, had revenue of about Approximately $500 million in annual revenue. 3M acquired Ceradyne, Inc. (NASDAQ: CRDN), headquartered in Costa Mesa, California, for $35.00 per share, an aggregate value of approximately $860 million (about $670 million net of cash, cash equivalents, short-term investments and debt acquired), via a cash tender offer followed by a merger. Ceradyne is a worldwide leader in the development and production of advanced technical ceramics for demanding applications in the automotive, oil and gas, solar, industrial, electronics and defense industries.
Broaden 3M's ceramic platform with Ceradyne's advanced technical ceramics capabilities.
Worldwide leader in advanced technical ceramics with a unique platform spanning defense, automotive, oil and gas, solar and electronics. 3M Industrial and Transportation business (ceramics platform) Completed in November 2012; tender offer plus subsequent merger; debt acquired was largely repaid.
Advisory firms were not disclosed for this transaction.