3M, Cogent Resolve Investors' Challenge To $943M Merger

Law360, New York (May 23, 2012, 4:10 PM EDT) -- 3M Co. and Cogent Inc. agreed Monday to pay $1.9 million to shareholders, laying to rest a class action that sought to unravel the companies' $943 million merger on the grounds that 3M lowballed Cogent shareholders in the 2010 deal.

The agreement, which is still subject to approval by the Delaware Chancery Court, would see Cogent pay $1.2 million into a settlement fund, while 3M would kick in $700,000, according to the proposal filed Monday.

"This settlement is an exceedingly positive outcome for 3M shareholders," 3M...
To view the full article, register now.