3M To Buy Cogent For $933M

Technology company?has agreed to acquire Cogent Inc., developer of automated systems that read?finger and palm prints,?in a deal worth about $933 million.

NEW YORK (AP) -- Technology company 3M Co. says it has agreed to acquire Cogent Inc. in a deal worth about $933 million.

Cogent, based in Pasadena, Calif., develops automated systems that read finger and palm prints.

Cogent's board of directors has agreed to the deal, announced Monday, and is recommending that its shareholders accept it.

3M will pay $10.50 per share for Cogent in a tender offer that's expected to last for ten days. That is a 17.8 percent premium over Cogent's closing price on Friday.

Cogent has about 88.8 million shares outstanding. 3M valued the deal at about $943 million.

The acquisition is expected to close in the final three months of the year.