I just did a bit of light reading on the company history of 3M...

I just did a bit of light reading on the company history of 3M and if the Health division is following any part of the company's mission statement or part of the 3M Acceleration Initiative then I wouldn't really be surprised if 3M actually decides to acquire OBJ. It would be in their best interest as a growing conglomerate to acquire the 'leading edge' in the transdermal technology area (this idea coupled with 3M starting to look for other professionals in the area). 3M has done their testing (or at least that's the idea of the 60 day extension) and further testing is just unlike 3M in nature as a short-term oriented, growth machine.

Of course, a takeover wouldn't be good for management...most would be out of a job! That's where there might be some agency problems.

However, the fundamentals of OBJ are strong and regardless of the announcement, the shareholders won't have a future filled with worry.

On a side note, I've always had the idea that 3M took the 60 day extension as an excuse to get ready for a partnership/takeover...wishful thinking?