- Neogen Corporation ( NASDAQ: NEOG ), a food and animal safety product supplier, closed ~9% lower on Thursday, recording the sharpest intraday loss since Oct. 2020, after the company disclosed the completion of its previously announced merger with 3 M's ( MMM ) Food Safety business.
- First announced in late 2021, the deal was expected to create a combined entity worth ~$9.3B of enterprise value where NEOG shareholders will own ~49%, with the rest held by MMM shareholders.
- After the deal's closure, two new board members will join the NEOG board, increasing its size to 10.
- "Together, we will be at the forefront of food safety and digitization, positioning Neogen as an innovative global industry leader," noted John Adent, NEOG's President and Chief Executive Officer.
- 3M ( MMM ) recently lost its attempt to block hundreds of thousands of lawsuits claiming that the company sold faulty combat earplugs that damaged the hearing of U.S. soldiers.
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Neogen drops 9% as merger with 3M’s food safety business closes