Cogent Worth $963M At Time Of 3M Merger, Del. Judge Says

Law360, Wilmington (July 8, 2013, 8:14 PM EDT) -- A Delaware Chancery judge ruled Monday that Cogent Inc. was worth $963 million when it was acquired by 3M Co. in a blockbuster 2010 deal, not as much as a group of dissenting shareholders claimed in an appraisal action but more than the $10.50 per-share offer at the sale's closing.

Vice Chancellor Donald F. Parsons Jr. ruled that the fair value of Cogent's shares was $10.87 apiece at the time of the merger based in part on a discounted cash flow analysis along with several comparative...
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