3M/Cogent
3M (NYSE: MMM) announces the $943 million acquisition of Cogent Inc. (Nasdaq: COGT). The transaction is $10.50 per common share. Net of cash acquired, the transaction is valued at $430 million.
Cogent provides finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises.
The acquisition of Cogent is expected to close during the fourth quarter of 2010.
On a GAAP basis, the acquisition will be $0.09 to $0.10 dilutive to earnings in the first 12 months. Excluding items, the acquisition will $0.01 to $0.02 accretive to earnings over the same period.
Cogent provides finger, palm, face and iris biometric systems for governments, law enforcement agencies, and commercial enterprises.
The acquisition of Cogent is expected to close during the fourth quarter of 2010.
On a GAAP basis, the acquisition will be $0.09 to $0.10 dilutive to earnings in the first 12 months. Excluding items, the acquisition will $0.01 to $0.02 accretive to earnings over the same period.
