3M to buy Cogent for more than $900 mln

Guardian.co.uk

Diversified U.S. manufacturer 3M Co on Monday said it agreed to buy Cogent Inc for more than $900 million, paying a nearly 18 percent premium for the biometric identification systems company.
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3M makes systems for creating and validating documents like passports, as well as products used at national borders. It said the deal will help it expand in the market for law enforcement systems, and estimates the $4 billion biometric market will grow by 20 percent a year.

Expect more news like this. The biometric identity management industry is due for some consolidation and there's a lot of cash sitting on the sidelines of this economy.

UPDATE:
Big shareholder of Cogent opposes buyout terms [LA Times]

Atlanta-based money manager Pointer Capital said in a letter to Cogent’s board on Tuesday that it believed the firm was worth at least $15 a share, or 43% more than the $10.50-a-share 3M buyout that Cogent accepted on Monday.