# 3M spinoffs



## londoncalling (Sep 17, 2011)

3M - 3M Commences Split-Off Exchange Offer for Food Safety Business 

Anybody receive this offer regarding the plan to spinout the food safety portion of this company? The deal is a bit complicated meaning that the spinoff company (Garden Spinco) will be merged with another company (Neogen). There is is 7% discount for those wishing to participate. However, a couple caveats. If there is excess demand shareholders will receive a fraction of the allotment and cash to make up the difference. Also, the spinoff and new company does not pay a dividend. I do not plan to participate in the offering and hope the spinoff provides the accretive value for the company. I am hoping that the company can bounce back following its litigation problems similar to JNJ.

It should be noted that there is also a health care spinoff taking place with this company.

3M Announces Plans to Create Long Term Value Through Spin-Off of Health Care Business - Jul 26, 2022


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## londoncalling (Sep 17, 2011)

For anyone who has not received or read the prospectus it can be found here. 



https://www.envisionreports.com/3MNEOGENEXCHANGE/2022/3mneogenexchangeaug23/index.html?voting=true



I found the prospectus to be more wordy than most due to the fact that there is a spinoff to Gardenspinco and then a conversion to Neogen.


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