3M Co., Maplewood, declared a dividend of 59 cents per common share, payable Dec. 12 to shareholders of record at the close on Nov. 23. As of Sept. 30, 3M had 691.9 million common shares outstanding and 97,733 shareholders of record.
Proto Labs Inc., Maple Plain, has commenced a public offering of 3.6 million common shares, of which 3.5 million shares will be sold by certain selling shareholders and 100,000 shares will be sold by Proto Labs. In addition, certain selling shareholders will grant the underwriters an option to purchase up to an additional 540,000 common shares. Proto Labs will not receive any of the proceeds from the sale of the shares sold by the selling shareholders. The principal purposes of this offering are to facilitate an orderly distribution of shares for the selling shareholders and to increase Proto Labs' public float. Proto Labs intends to use the proceeds that it receives from the offering to pay the expenses that it incurs in connection with the offering and for working capital and general corporate purposes. Morgan Stanley & Co. and Piper Jaffray & Co. are the joint book-running managers for the offering.