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3M To Acquire Biometric Solutions Provider Cogent Systems

DDN

Tuesday, August 31st, 2010

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By Calvin Biesecker 3M Corp. [MMM] yesterday said it has agreed to acquire Cogent Systems [COGT], a provider of biometric software matching systems and hardware, for $430 million, complementing its current capabilities in credential issuance and document capture and authentication technologies. 3M said it will pay $10.50 per share for Cogent, an 18 percent premium above the $8.92 closing price of the company's stock price last Friday. Cogent's stock price yesterday closed at $11.09, up $2.18, or over 24 percent,…

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