FOR IMMEDIATE RELEASE MEDIA CONTACT: MARY C. AUVIN, 3M
(651) 736-2597
3M ANNOUNCES CLOSURE OF MICROTOUCH SYSTEMS TENDER OFFER
SAINT PAUL, Minnesota - January 4, 2001 - Minnesota Mining and
Manufacturing Company (NYSE: MMM) and its wholly owned subsidiary, Equinox
Acquisition, Inc., today announced the successful closure of their cash tender
offer to purchase shares of MicroTouch Systems, Inc. (NASDAQ: MTSI) at $21.00
per share. As of the expiration of the initial offering period at 12:00
midnight, New York City time, on Wednesday, January 3, 2001, a total of
5,940,760 shares of MicroTouch Systems stock (approximately 89.3% of the
outstanding shares) had been validly tendered pursuant to the offer (including
409,688 shares tendered pursuant to guaranteed delivery procedures), all of
which shares have been accepted by 3M.
As previously announced, 3M has elected to provide a subsequent
offering period, which will expire at 12:00 midnight, New York City time, on
Wednesday, January 10, 2001. MicroTouch shareholders who have not yet tendered
their shares may do so at any time prior to the expiration of the subsequent
offering period.
Following the consummation of the tender offer, MicroTouch Systems will
merge 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 early 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
