Company: Cogent, Inc., COGT
Industrial conglomerate 3M Co. agreed to acquire Cogent Inc. in a deal valued at $943 million, though it will pay just $430 million to account for the fingerprint-identification company's large cash pile.
The deal would strengthen 3M's offerings in high-security ID systems and law-enforcement products. The company already has a strong presence in border-patrol security, providing passport- and visa-manufacturing systems and document-verification products.
The companies said 3M plans to pay $10.50 a share, an 18% premium to Friday's closing price on the Nasdaq Stock Market.
Cogent, Inc. provides automated fingerprint identification systems (AFIS) and other fingerprint biometrics solutions to governments, law enforcement agencies, and other organizations worldwide. Its AFIS solutions enable customers to capture fingerprint images electronically, encode fingerprints into searchable files, and compare a set of fingerprints to a database of fingerprints. The company?s AFIS solutions include Cogent automated fingerprint identification system, a networked AFIS solution for twoprint, tenprint, latent, and palm print searches; and Cogent Live-ID for identifying individuals who submit their fingerprints for border crossings, background checks, fraud prevention, criminal investigation, document identification, voting stations, and other activities.
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