FOR IMMEDIATE RELEASE MEDIA CONTACT: MARY C. AUVIN, 3M
(651) 736-2597
3M COMPLETES MICROTOUCH SYSTEMS TENDER OFFER
SAINT PAUL, Minnesota - January 11, 2001 - Minnesota Mining and
Manufacturing Company (NYSE: MMM) today announced that its wholly owned
subsidiary, Equinox Acquisition, Inc., accepted for payment the 1,133,023
shares of common stock of MicroTouch Systems, Inc. (NASDAQ: MTSI) that had
been tendered (including 200,426 shares tendered pursuant to guaranteed
delivery procedures) during the subsequent offering period which expired at
12:00 midnight, New York City time, on Wednesday, January 10, 2001.
After giving effect to the additional shares tendered during the
subsequent offering period, a total of 7,490,730 shares of MicroTouch
Systems stock (approximately 97.5% of the outstanding shares) were validly
tendered pursuant to the offer.
As previously announced, MicroTouch Systems will be merged with
Equinox Acquisition, Inc. As a result of the merger, MicroTouch Systems
will become a wholly owned subsidiary of 3M. In the merger, shareholders
will receive the same consideration of $21.00 per share as was received by
shareholders who tendered in the offer. 3M expects the merger transaction
will be completed in February.
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
