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
