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  "documentTitle": "3M | Mergers and Acquisitions Presentation Deck | 24 slides",
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  "authorName": "Neogen",
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      "text": "Global headquarters to remain in Lansing, Michigan; Neogen CEO John Adent to lead; Jim Borel to continue as Board Chair; New Board to be comprised of eight current Neogen directors and two 3M designated directors",
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      "text": "Neogen to combine with 3M's Food Safety business via a Reverse Morris Trust transaction; Combined enterprise value of ~$9.3 billion; Neogen shareholders and existing 3M shareholders to own 49.9% and 50.1% of the combined entity; Implied enterprise value for 3M's Food Safety business of ~$5.3 billion; Implied multiple of ~32x and ~27x CY 2022E Adjusted EBITDA; Estimated pro forma Neogen net leverage at closing of <2.5x",
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      "text": "Subject to Neogen shareholder approval, regulatory approvals and customary closing conditions; Transaction anticipated to close by the end of the third calendar quarter of 2022",
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      "text": "Total expected run-rate synergies of ~$30 million of EBITDA; Run-rate growth synergies of ~$15 million (~$40 million revenue); Run-rate cost synergies of ~$15 million",
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      "text": "(1) Based on Neogen's closing share price as of December 13, 2021.",
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