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

NEW YORK ( TheStreet) -- 3M ( MMM) 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

>To contact the writer of this article, click here: Joseph Woelfel .

>To submit a news tip, send an email to: tips@thestreet.com.

More from Stocks

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

Abiomed Stock Should Rise Some 10% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 10% From Here, Piper Jaffray Analyst Says

What Internet Sales Tax Ruling? Amazon Still Headed to $1,850

What Internet Sales Tax Ruling? Amazon Still Headed to $1,850

Starbucks Stock Performance in 2018: -12%

Starbucks Stock Performance in 2018: -12%

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s