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3M Gets Green Light to Buy Cogent


NEW YORK ( TheStreet) -- 3M (MMM - Get Report) has been given permission to buy fingerprint ID company Cogent (COGT) after a judge shrugged off a shareholder dispute against the $943 million transaction, according to a report.

On Tuesday, Delaware Chancery Court Judge Donald Parsons rebuffed Cogent shareholders' demand for an injunction to prevent the deal in favor of a late, non-binding offer from NEC, Bloomberg reports.

The latter offer was thought to be of greater value.

Bloomberg reports that the judge shrugged off investors' allegations that Cogent CEO Ming Hsieh was partial to the 3M offer due to the possibility of a $153,000 retention bonus.

-- Written by Andrea Tse in New York.



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