What does this mean?

“3M Company Offer to Exchange all Shares of Common Stock of GARDEN SPINCO CORPORATION, Which are Owned by 3M Company and Will Be Converted onto Shares of Common Stock of NEOGEN CORPORATION for Outstanding Shares of Common Stock of 3M Company”

Thanks in advance for Plain English!


Here is the 3M investors webpage, with the paragraph.


The exchange offer is designed to permit 3M stockholders to exchange all or a portion of their shares of 3M common stock for shares of SpinCo common stock (which will convert into shares of Neogen common stock) at a discount of 7% to the per-share value of Neogen common stock, subject to an upper limit of 7.3515 shares of SpinCo common stock per share of 3M common stock.

I agree thar the OP paragraph seems convoluted.
And, therefore, IMO, shareholders and investors should be suspicious.