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)
NEW YORK (
) --
TST Recommends
3M
(MMM) - Get Report
said Monday it agreed to acquire
Cogent
(COGT)
for $10.50 a share, or $943 million.
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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