Business News
3M Commences Tender Offer for Cogent Inc.
Monday 13. September 2010 - 3M (NYSE:MMM) today announced that its direct wholly-owned subsidiary, Ventura Acquisition Corporation, has commenced its tender offer for all outstanding shares of common stock of Cogent Inc. (NASDAQ:COGT) at a price of $10.50 per share.
The tender offer is being made in connection with the Agreement and Plan of Merger, dated as of August 29, 2010, by and among 3M Company, Ventura Acquisition Corporation and Cogent Inc., which 3M and Cogent announced on August 30, 2010.
The Cogent board has unanimously determined that the merger agreement and offer are fair to and in the best interests of Cogents 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 12:00 midnight, New York City time, on October 7, 2010, unless extended.
Complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials filed by 3M and Ventura Acquisition Corporation with the SEC on September 10, 2010. In addition, on September 10, 2010, Cogent filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC relating to the offer.
Copies of the Offer to Purchase, Letter of Transmittal and other related materials are available free of charge from Georgeson Inc., the information agent for the tender offer, toll-free at (866) 647-8872 (brokers and bankers call (212) 440-9800). Wells Fargo Bank, N.A. is acting as depositary for the tender offer.