Just received the notice from my brokerage about the option to exchange some of my 3M stock for SpinCo/Neogen before EOM.

I'm not able to get much sense from the online research I've done so far if this is worth pursuing, and/or if there is a 3M stock split on the horizon, which could affect my decision.

Thoughts or opinions? Not like a big-time player, little under 100 shares total but still would like to make a somewhat informed decision. Thanks

I'm tendering my shares.

Lots of uncertainty in 3M right now with the ongoing litigation for PFAS and the military ear plugs along with the pending spin-off of the healthcare business and very limited forecasts for organic growth. In addition I've been pretty disappointed in Roman's capital allocation decisions (buying back so many shares in '17 and '18 when 3M was at all time highs; spending money on bolt on businesses for the healthcare segment resulting in minimal growth and then deciding to spin off the whole segment).

I get the feeling 3M wants to monetize non-core business segments and retrench around the industrial, safety, and consumer businesses with future M&A and R&D in these areas to start growing revenues again, but with the overhanging lawsuit risk and Roman running the show I'm not confident.

I don't think the 7% tender discount for NEOG is a screaming discount, and I would have never considered tendering if NEOG were up around $40 like it was when the deal was announced. But I love niche, unsexy overlooked, science based businesses like food safety (the kind of businesses that 3M used to dominate), and NEOG has better current growth with a good plan (IMO) to monetize the 3M business and use the cash flow to grow in an area where I see significantly larger secular growth opportunities (though 3M is getting their pound of flesh with the debt they're packaging in the spin-off).

I may reinitiate a position in 3M over the next year or so if I see more clarity on the lawsuits, better leadership and direction, and a decline in price (which I think will happen) that would present a greater margin of safety, but right now this represents a chance to make a break with a business I've been annoyed with for the past 3 years for a decent (not great) opportunity that represents a better value.