3M Succeeds With Tender Offer and 2 Dow Movers Seeing Action Today
International Business Machines’s (NYSE:IBM) Smarter Commerce arm has compiled data from surveys of 500 online retailers which indicate that Cyber Monday online sales among some of the largest domestic retailers were up by 30 percent year-over-year from 2011, according to the Wall Street Journal. However, the value of the average customer’s order fell by 6.6 percent. IBM did not supply the underlying dollar figures. In another survey, Adobe Systems (NASDAQ:ADBE) reported that sales on Cyber Monday based on data from retailers such as Best Buy Co. (NYSE:BBY) and Wal-Mart Stores (NYSE:WMT) gained 17 percent to nearly $2 billion, a figure just under 2011’s 18 percent increase.
Intel Corporation (NASDAQ:INTC) might be modifying some of the manners through which it connects its processors to the circuit board and may signal “broad changes to the desktop PC as we know it today,” according to CNet.
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3M Company (NYSE:MMM) has said that its tender offer to acquire all issued and outstanding shares of common stock of Ceradyne (NASDAQ:CRDN) at $35 per share was successful. The finalization of the tender offer is the first phase in the firm’s two-step purchase of Ceradyne through merger agreement among Ceradyne, 3M, and 3M’s wholly owned subsidiary, Cyborg Acquisition Corporation. 3M will exercise the top-up option under the merger agreement, through which Cyborg Acquisition Corporation will buy from Ceradyne additional shares of Ceradyne common stock, and will complete the second and final step of the transaction, a short-form merger under Delaware law, later on Wednesday. Cyborg Acquisition Corporation will merge with and into Ceradyne and each share of Ceradyne common stock not tendered in the tender offer will be converted into the right to receive $35 per share in cash without interest and subtracting any required withholding taxes.
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