Cogent Investor Says NEC Was Shut Out Of 3M Deal

Law360, New York (October 1, 2010, 7:37 PM EDT) -- Attorneys for a Cogent Inc. shareholder argued Friday for a preliminary injunction against 3M Co.'s proposed $943 million acquisition of the biometrics firm, saying the deal unfairly shut out a superior offer from NEC Corp. and included a “sham” top-up option to help cash out smaller investors against their will.

The class action, filed Sept. 1 in the Court of Chancery of the State of Delaware, alleges Cogent board members breached their fiduciary duty to shareholders in pursuing a deal that both undervalued Cogent at $10.50...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.