RTTNews | Dec 14, 2021 10:04AM EST

10:04 Tuesday, December 14, 2021 (RTTNews.com) - Shares of NEOGEN Corp. (NEOG) are rising over 6% Tuesday morning, after the company announced a definitive agreement pursuant to which 3M will separate its Food Safety business and combine it with NEOGEN.

The deal implies an enterprise value for 3M's Food Safety business of about $5.3 billion, including $1 billion in new debt to be incurred by 3M's Food Safety business. In connection with the deal, 3M will also receive consideration valued at about $1 billion.

NEOG is currently trading at $42.55, up $2.43 or 6.06% with trading volume of over 345K versus an average volume of 307K shares. The stock has been trading between $36.51 and $48.85 for the past one year.

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