3M Merging Food-Safety Unit With Neogen in $9.3 Billion Deal
- Fate of business had been under review since September 2020
- Deal unlikely to alter investment narrative at 3M: analyst
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3M Co. agreed to separate its food-safety business and combine it with Neogen Corp. in a deal valuing the combined company at about $9.3 billion.
Using a tax-free reverse Morris trust, Neogen shareholders would own 49.9% of the new entity and 3M shareholders about 50.1%, the companies said in a statement Tuesday.