3M Company acquired Cogent, Inc. (Cogent Systems) for $943 million aggregate (approximately $430 million net of cash acquired); $10.50 per share, a transaction announced in August 2010, structured as Cash tender offer at $10.50 per share followed by merger; founder/CEO Ming Hsieh and affiliated entities agreed to tender.
Cogent, Inc. (Cogent Systems) operates in Safety, Security and Protection Services (Identity Management / Biometrics), is based in Based in Pasadena, California; participates in the roughly $4 billion global biometrics market. 3M acquired Cogent, Inc. (NASDAQ: COGT), commonly referred to as Cogent Systems, based in Pasadena, California, for $10.50 per share, an aggregate value of approximately $943 million (about $430 million net of cash acquired), via a cash tender offer. Cogent provides finger, palm, face and iris biometric systems for governments, law enforcement agencies and commercial enterprises.
Broaden 3M's biometric security solutions and participation in the global biometrics market.
Provider of multi-modal biometric systems (finger, palm, face, iris) serving governments, law enforcement and commercial customers in a growing global biometrics market. 3M Safety, Security and Protection Services (identity management/biometrics) Completed in late 2010; 3M later acquired the remaining noncontrolling interest in December 2010 (approximately $248 million) at the same per-share price.
Advisory firms were not disclosed for this transaction.