What is 3M's split-off exchange offer?

ST. PAUL, Minn., Sept. 1, 2022 / PRNewswire / -- 3M (NYSE: MMM) announced today the 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 Corporation ("SpinCo").

What are the key elements of the 3M exchange offer?

Key elements of the exchange offer include: o 3M stockholders have the option to exchange some, all or none of their shares of 3M common stock for shares of common stock of SpinCo, subject to proration as described below.

What happens if a 3m exchange offer is consummated?

If the exchange offer is consummated but is not fully subscribed, 3M will distribute the remaining shares of SpinCo Common Stock owned by 3M on a pro rata basis to 3M stockholders whose shares of 3M Common Stock remain outstanding after completion of the exchange offer, with a record date expected to be the close of business on August 31, 2022.

How many shares of 3M common stock will be exchanged?

Based on the preliminary results, 3M 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. The preliminary results include an estimated 1,115,836 shares of 3M common stock tendered by odd-lot stockholders not subject to proration.