3M announced that it has completed its acquisition of Cogent Inc., pursuant to a merger agreement that was approved and adopted by Cogent's stockholders at a special meeting held on Dec. 1, 2010. Under the terms of the merger agreement, Cogent's stockholders are entitled to receive $10.50 per share in cash.
"Cogent's biometric expertise in large-scale systems integration will enhance our ability to provide end-to-end security solutions to our customers. It also expands our reach into law enforcement, public safety and commercial access control applications." With the closing of the transaction, Cogent's common stock ceased to trade on NASDAQ at market close, and Cogent became a wholly-owned subsidiary of 3M. The subsidiary will be known as 3M Cogent Inc.
"Adding Cogent's technologies-in finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises-to our business is a significant strategic addition to our security credential issuance and authentication product portfolio and service offering," said Mike Delkoski, vice president and general manager, 3M Security Systems Division. "Cogent's biometric expertise in large-scale systems integration will enhance our ability to provide end-to-end security solutions to our customers. It also expands our reach into law enforcement, public safety and commercial access control applications."
Identification and authentication solutions from 3M include border management products; document manufacturing and issuance systems for IDs, passports, and visas; document readers and verification products; and security materials, such as laminates, to protect against counterfeiting and tampering.
