3M (MMM) reported preliminary results of its split-off exchange offer to 3M stockholders to exchange their shares of 3M common stock for shares of common stock of Garden SpinCo. A total of approximately 215,199,594 shares of 3M common stock were tendered prior to the expiration of the exchange offer.
Based on the preliminary results, the company will exchange a total of approximately 15,989,536 shares of 3M common stock in the exchange offer, resulting in a preliminary proration factor of approximately 6.95 percent.
3M plans to accept shares of 3M common stock validly tendered in the exchange offer, and expects the closing of the merger to occur on Thursday.
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