Schefrin (212) 829-4966
Conversation with MMM’s investor relations department on Monday
· MMM identified an interest in the biometrics space and approached COGT
· MMM was aware of the L-1 Identity Solutions (ID) exploring strategic alternatives process.
· MMM feels COGT a better AFIS solution than ID because MMM has some business overlap with ID whereas COGT is totally complimentary and MMM was not interested in some pieces of ID
· MMM says they are paying 8x LTM EBITDA
· MMM’s board of directors approved this deal the second week of August
· The tender is to commence in the next 1.5-2.0 weeks
MMM is presenting at Morgan Stanley’s Global Industrials Conference this morning at 9:45am ET. Webcast: http://phx.corporate-ir.net/phoenix.zhtml?c=80574&p=irol-IRHome
COGT, ACF, PAR, UNCA, SII, PTV, PSYS, ATAC, RSCR, POT/POT options, ARG/ ARG options, DTPI, HEW, GENZ
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