I think the next time we see a sharp up-trend in the price,...

I think the next time we see a sharp up-trend in the price, without an ann., 3M will follow quickly with an offer.

If you were buying a car or a house and the market price was going up and down surely you would not like a sharp increase. You would want to take advantage of the negative price, but only if you have decided already that this was the house/car you so desperately wanted. If it was your dream car/house and it was important that you got it you also would be anxious that your bid would be the best one and seal the deal.

So just maybe with the fall in share price ( whether manipulated by traders or big investors) 3M are looking for the turning point before ann.

Expect to see the offer come once the SP reaches +5 points (IMHO)