By Denny Jacob

3M Co. on Monday issued an exchange ratio for its split-off exchange offer to shareholders to exchange their shares of 3M for shares of Garden SpinCo Corp.

The St. Paul, Minn.-based company, which sells everything from Post-it Notes to Nexcare bandages and N95 masks, said the offer is in connection with its pending split of its food safety business and the subsequent merger of its subsidiary SpinCo with a subsidiary of Neogen Corp., a food testing and animal healthcare specialist.

An agreement between 3M and Neogen came in December.

3M will deliver about 6.7713 shares of SpinCo common stock for each share of its common stock that is accepted for exchange. Each share of SpinCo common stock will be converted into the right to receive one share of Neogen common stock when the merger is completed.

3M said it currently expects to accept for change about 16 million shares of its common stock if the exchange offer is fully subscribed based on the final exchange ratio.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 29, 2022 19:21 ET (23:21 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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