Bioceres Crop Solutions and Marrone Bio Innovations have agreed to combine the companies in an all-stock transaction.
“This transaction will combine Bioceres’ expertise in bionutrition and seed care products with MBI’s leadership in the development of biological crop protection and plant health solutions, creating a global leader in the development and commercialization of sustainable agricultural solutions,” said the Bioceres statement, 16 March.
Each share of MBI common stock will be exchanged at closing for ordinary shares of Bioceres at a fixed ratio of 0.088, representing a value of approximately $236 million, based on the Bioceres and MBI share prices at market close on March 15, 2022 and the number of current outstanding MBI shares, the statement reads.
“We are very excited about the value creation that will result from this combination for customers, employees and investors,” said Bioceres Chief Executive Officer Federico Trucco.
“Our merger has the potential to accelerate global reach, broaden our product offerings and expand our R&D programs,” said Kevin Helash, Chief Executive Officer of Marrone Bio. “Consumer and grower demand is accelerating for agricultural products that help produce safe, affordable food in a sustainable manner.”
Helash also said the merger is anticipated to generate $8 million in annual cost synergies, “the majority of which relate to the elimination of duplicative public company expenses and consulting fees.”
