Cogent Inc. on Thursday said that the Delaware Supreme Court refused a shareholder plaintiff petition to block the company’s acquisition by 3M until an appeal makes its way through the court.
A Delaware judge earlier this month rejected a lawsuit by shareholders who protested that the 3M deal, valued at $943 million, was too low and the company should have more seriously explored a larger offer from NEC Corp. Cogent has maintained that the NEC bid was not a firm offer at the time and presented anti-trust problems that a merger with 3M did not.
3M Co. had acquired 52 percent of Cogent shares by the time its first tender offer expired Oct. 7, and has extended the offer until Oct. 22.
The Supreme Court in rejecting the injunction on Tuesday said "that exceptional circumstances as would merit review of that decision do not exist in this case."
Cogent shares were unchanged at $10.50 in midday trading on the Nasdaq.
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