How did 3M distribute Spinco shares?

Because more than 15,989,536 shares of 3M common stock were tendered, all shares of SpinCo common stock owned by 3M were distributed in the exchange offer, and no shares were distributed in a pro rata distribution to 3M stockholders. Earlier today, 3M announced a preliminary proration factor of approximately 6.95 percent.

How many Spinco shares will MMM deliver?

MMM announced that for each 3M common stock that a shareholder has, that is "validly tendered and accepted for exchange," MMM will deliver approximately 6.7713 shares of SpinCo common stock. Yesterday, the group announced the successful completion and separation of its food safety business and merger the business with Neogen.

When will 3M & Neogen spin-off be complete?

The spin-off is expected to be complete by the end of 2023. Aside from the recent news about the Healthcare spinoff, 3M announced on August 29th that they had finalized the spinoff of their Food Safety business, Garden SpinCo, which is set to merge with Neogen. This deal was originally announced back in December of 2021.

Should 3M spin off a healthcare business?

It's an aggressive move, and the rationale appears obvious: Spin off the healthcare business and release the value locked into a business that's being derated because of the industrial businesses at 3M. As such, 3M shareholders will receive the full value of the business, and it will be better run by more focused management.