Neogen shares surged 14% in front of the market after confirming a merger agreement with 3M’s food safety business

Date:

Neogen Corp.Stocks
NEOG,
-0.20%

The company reports 3M Corp in The Wall Street Journal. After confirming the merger with, it surged 14% in pre-market trading on Tuesday.
Hmm,
-1.42%

A food safety business with a corporate value of $ 9.3 billion. Neogen, a food inspection and veterinary drug company, said the deal would bring the value of 3M’s business to about $ 5.3 billion. The merged company is expected to generate approximately $ 1 billion in proforma revenue in the first year after closing. The transaction is expected to close by the end of the third quarter of 2022. 3M owns 50.1% of the merged company and Neogen owns the remaining 49.9%. The transaction is structured as the “Reverse Morris Trust”, where 3M’s business will be split into shareholders and at the same time integrated with Neogen’s units. This is a move that is considered tax effective. Neogen’s leadership will run the new company. 3M strains increased 0.5% before marketing.

Neogen shares surged 14% in front of the market after confirming a merger agreement with 3M’s food safety business

Source link Neogen shares surged 14% in front of the market after confirming a merger agreement with 3M’s food safety business

The post Neogen shares surged 14% in front of the market after confirming a merger agreement with 3M’s food safety business appeared first on Eminetra.

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