FOR IMMEDIATE RELEASE MEDIA CONTACT: MARY C. AUVIN, 3M
(651) 736-2597
3M ANNOUNCES SUBSEQUENT OFFERING PERIOD IN MICROTOUCH TENDER OFFER
SAINT PAUL, Minnesota - December 26, 2000 - Minnesota Mining and
Manufacturing Company (NYSE: MMM) and its wholly owned subsidiary, Equinox
Acquision, Inc., today announced that they have elected to provide a subsequent
offering period in connection with their tender offer for shares of MicroTouch
Systems, Inc. (NASDAQ: MTSI). The initial offering period is scheduled to expire
at 12:00 midnight, New York City time, on Wednesday, January 3, 2001. The
subsequent offering period will begin on the next business day following the
expiration of the initial offering period and will expire at 12:00 midnight, New
York City time, on the fifth business day following the expiration of the
initial offering period.
Certain options held by MicroTouch employees will not vest until the
expiration of the initial offering period. The subsequent offering period is
intended primarily to provide an opportunity for these optionholders to tender
their shares upon exercise of such options, and thus avoid waiting until the
closing of the back-end merger (expected to occur in early February) to receive
the cash value of their options.
As previously announced, 3M has received early termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976
relating to its proposed acquisition of MicroTouch Systems, Inc.
The statements contained in this press release that are not purely
historical are forward-looking statements including statements regarding the
Company's expectations, beliefs, hopes, intentions or strategies regarding the
future. All forward-looking statements included in this press release are based
upon information available to the Company as of the date hereof, and the Company
assumes no obligation to update any such forward-looking statement.
FROM:
3M Media Relations
3M Center, Building 225-1S-15
St. Paul, MN 55144-1000
(651) 733-8805
