Cogent undervalued says investor

01/09/10

The third-largest shareholder of Cogent intends to “vigorously oppose” the recent proposal to sell the company to 3M saying it undervalues the business.

Pointer Capital said the firm was worth at least $15 a share, some 43% more than the $10.50 a share offered in the news release on Monday.

Cogent's shares jumped US$2.18 to close at $11.09 on Monday, which suggests that some traders expect 3M to raise its price, or an alternative bidder to come forward.

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