Cleary Gottlieb is representing 3M Company in its offer to acquire through a cash tender offer all of the outstanding common stock of California-based Ceradyne, a developer and manufacturer of advanced technical ceramics, ceramic powders and components, for $35 per share. The transaction, which is valued at approximately $860 million, was announced on October 1st and is expected to close in the fourth quarter of 2012.
Ceradyne, which will join 3M’s Energy and Advanced Materials Division, is a leader in the development and production of advanced technical ceramics for applications in the automotive, oil and gas, solar, industrial, electronics and defense industries. The unique characteristics of advanced technical ceramics offer significant advantages over traditional materials such as metals and plastics.