3M Co., which makes Post-Its and various other products, said Friday it has begun a tender offer for all outstanding shares of security device developer Cogent Inc. at $10.50 a share.
3M agreed to buy Cogent last month for about $943 million in a bid to expand into the security market.
The board of directors for Pasadena, Calif.-based Cogent is recommending that shareholders accept the buyout offer.
The tender offer is scheduled to expire on Oct. 7 at midnight East Coast time.
3M shares added 98 cents to $83.94 on Friday. Shares in Cogent slipped 3 cents to $10.90 in aftermarket trading after falling 21 cents to $10.93 during the regular session.