3M announced that its direct subsidiary, Ventura Acquisition, has commenced its tender offer for all shares of common stock of Cogent at a price of US$10.50 per share. The tender offer is being made in connection with the agreement and plan of merger, dated Aug. 29 by and among 3M Ventura Acquisition and Cogent, which 3M and Cogent announced on Aug. 30. 3M will pay $943 million for Cogent.
The Cogent board has determined that the merger agreement and offer are fair to and in the best interests of Cogent's stockholders. The Cogent board also recommends that the shareholders of Cogent tender their shares to the offer.
The tender offer is scheduled to expire at midnight, New York City time on Oct. 7, unless extended.