Shareholder Seeks To Block $943M 3M, Cogent Deal

Law360, New York (September 1, 2010, 7:51 PM EDT) -- A Cogent Inc. shareholder filed a putative class action Wednesday in Delaware Chancery Court seeking to block 3M Co.’s proposed $943 million bid to buy the biometrics firm.

The plaintiff, named as ST Nevan US Ltd. in the complaint, alleges that Cogent board members breached their fiduciary duty to shareholders in pursuing a deal that both undervalued Cogent and discouraged competing offers.

“The proposed transaction serves no legitimate business purpose for Cogent but rather is an attempt by defendants to aggrandize their own financial interests and...
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