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...
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