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Koyote Trading LLC Welcomes 3Ma?s Ownership of Cogent Inc.; Organizes Call to Explore the Possible Formation of Committee to Di

^{Published on 2010-10-13 08:40:51 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Koyote Trading LLC, ("Koyote") an institutional owner of common stock of Cogent, Inc. (NASDAQ: COGT) welcomes 3Ma™s ownership of Cogent, Inc. which it acquired through its wholly-owned subsidiary Ventura Acquisition Corp.

aWe are pleased that 3M acquired a 52% stake in Cogent last week principally through the acquisition of a 38.8% stake owned by the CEO Mr. Ming Hsieh. However, as we and other owners of Cogent have been saying for some time, the $10.50 valuation is clearly inadequate by any number of metrics,a stated Zachary Prensky, co-manager of the Special Situations desk at Koyote. As stated by 3M in a press release dated Friday, October 8^th, 2010, less than 15% of the outstanding publically-owned common stock of Cogent was tendered to 3M.

Koyote intends to hold a conference call on Thursday, October 14th at 4:30 p.m. EDT with other owners of Cogent to explore the possible formation of an Ad-Hoc Committee of Minority Cogent Shareholders (the aCommitteea). Shareholders of Cogent, other than 3M, who wish to participate on this call, are kindly asked to pre-register by emailing their name and affiliation to [ COGT@KoyoteCapital.com ]. After the appropriate confirmation of your contact information, you will then be provided with the dial-in information for the conference call.

"We applaud 3Ma™s long term commitment to a business that we are excited about. But the price offered is inadequate to 48% of Cogent shareholders that declined to participate in 3Ma™s tender. With the senior management and Board of Cogent committed to the $10.50 valuation, we have no choice but to explore the possible formation of a committee of shareholders to negotiate directly with 3M for a fair and adequate price for our stake. If 3M works with us, we believe we can find a middle ground that rewards minority shareholders for their long-term support of Cogenta™s business plan,a added Mr. Prensky.