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3M to Buy Cogent for $943M

3M agreed to buy Cogent for $10.50 a share, or $943 million.

(Story updated with Cogent's recommendation to shareholders and premarket trading)



) --


(MMM) - Get 3M Company Report

said Monday it agreed to acquire



for $10.50 a share, or $943 million.

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Cogent shares closed Friday at $8.91.

Cogent's board unanimously recommended that the shareholders of Cogent accept the offer.

Cogent shares surged by 18.9% to $10.60 in premarket trading, while 3M shares fell 0.3% to $80.80.

Cogent provides finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises.

-- Written by Joseph Woelfel

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Joseph Woelfel


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