Neogen Corporation - Common Stock (NEOG)

Neogen Corporation (NASDAQ: NEOG), an innovative leader in food safety solutions, announced today it has entered into a definitive agreement to sell its global cleaners and disinfectants business to Kersia Group (“Kersia”), a global leader in biosecurity, disinfection and hygiene solutions, for $130 million in cash at closing plus contingent consideration tied to the future performance of the business. The transaction is expected to be accretive to margins and close in the first quarter of the Company’s 2026 fiscal year, subject to regulatory approval and customary closing conditions. The net proceeds will be used to fully repay the $100 million drawn on the Company’s revolving credit facility in the recent term loan refinancing, with the divestiture expected to reduce the Company’s net leverage ratio by approximately 0.4x on a pro forma basis.

Neogen® Corporation (NASDAQ: NEOG), an innovative leader in food safety solutions, today announced that John Adent, the Company’s CEO and President, will be stepping down after an eight-year career at the Company. Mr. Adent will continue to serve in his existing roles until his successor has been appointed.

Neogen Corporation (NASDAQ: NEOG) announced today the results of the third quarter ended February 28, 2025.

Neogen® Corporation (NASDAQ: NEOG), an innovative leader in food safety solutions, announced today the successful refinancing of the remaining $550 million principal of its original $650 million term loan, as well as its revolving credit facility, due in August 2027.

Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed merger of NEOGEN Corporation (“the Company”) (NasdaqGS: NEOG) with 3M (NYSE: MMM) pursuant to which shareholders of NEOGEN will own only approximately 49.9% of the combined company. KSF is seeking to determine whether the merger and the process that led to it are adequate, or whether the merger undervalues the Company.

Halper Sadeh LLP, a global investor rights law firm, is investigating whether the merger of NEOGEN Corporation (NASDAQ: NEOG) and 3M’s Food Safety business is fair to NEOGEN shareholders. Under the merger, NEOGEN will issue shares to 3M shareholders such that existing NEOGEN shareholders will own approximately 49.9% of the combined company. 3M will also receive consideration valued at approximately $1 billion, subject to closing and other adjustments.