|NEC Made Higher Bid for Cogent Before 3M Deal|
October 1, 2010, 8:05 am
Cogent, the fingerprint-identification systems maker being acquired by 3M, received a more-than $1 billion buyout bid from NEC, according to court papers, Bloomberg News reported.
3M, the maker of products including anti-counterfeiting laminates, agreed Aug. 30 to buy Pasadena, California-based Cogent for $10.50 a share for a total of $943 million. Cogent investors sued in Delaware Chancery Court alleging the company’s officials didn’t get enough for shareholders and unfairly structured the deal to deter other bidders.
NEC, Japan’s largest maker of personal computers, bid as much as $12 a share before Cogent’s board agreed to St. Paul, Minnesota-based 3M’s offer, Cogent shareholders said in a court filing unsealed yesterday. Cogent officials had said they’d received a bid from an unidentified bidder identified only as “Company D.”