Mar 17, 2022Bioceres, Marrone Bio announce merger
Bioceres Crop Solutions and Marrone Bio Innovations announced March 16 that they have entered into a definitive agreement to combine the companies in an all-stock transaction.
This transaction will combine Bioceres’ expertise in bio-nutrition 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. The companies together operate in 46 countries with approximately 640 employees, including two wholly owned manufacturing facilities and research and development (R&D) facilities located in Davis, California, and Rosario, Argentina.
“We are very excited about the value creation that will result from this combination for customers, employees and investors,” Bioceres chief executive officer Federico Trucco said in a news release. “By combining our current commercialized products and pipelines, we will be in a position to serve all major agriculture input categories with low environmental impact, highly efficacious, biological based solutions.”
Under the terms of the transaction, which has been unanimously approved by the board of directors of both companies, each share of Marrone Bio Innovations (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.
Trucco added, “MBI’s commercial footprint in North America and Europe will strongly complement our existing efforts in these geographies, while Bioceres’ leadership in Latin America will provide an excellent channel for MBI’s portfolio in these important row-crop markets. Together, we will create a winning platform in one of the most dynamic segments of agriculture.”