M&A · Energy · Agricultural Chemicals
Bioceres Crop Solutions Corp. to acquire Marrone Bio Innovations Inc
Announced Mar 16, 2022 · Closed Jul 12, 2022
Deal value$236MEV $237M
Premium—To unaffected price
EV / Adj. EBITDA—5.8x EV / Revenue
ConsiderationAll stock$1.30 per share
Transaction
- Acquirer
- Bioceres Crop Solutions Corp. (BIOX)
- Target
- Marrone Bio Innovations Inc (MBII)
- Buyer type
- Strategic
- Offer price per share
- $1.30
- Enterprise value
- $237M
- Status
- Closed Jul 12, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Roth Capital, Houlihan Lokey
Sector context · Energy
- Comparable deals
- 29 in the prior 24 months
- Premium
- Sector median 25.1%
- EV / Adj. EBITDA
- Sector median 12.8x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedMar 16, 2022
- Proxy filedJun 9, 2022
- Definitive proxyJun 9, 2022
- Shareholder voteJul 8, 2022
- ClosedJul 12, 2022
Valuation · fairness opinions
Trading comparables$0.51$0.98
Trading comparables$0.49$1.06
Trading comparables$0.48$1.21
Trading comparables$0.41$1.37
Precedent transactions$0.63$1.10
Offer $1.30
Implied value per Marrone Bio Innovations Inc share by analysis, from Houlihan Lokey · DCF discount rate 16%–25%.