Marrone Bio jumps on deal to merge with Bioceres Crop

Bioceres Crop Solutions

17/03/2022 10:51

** Shares of agricultural products maker Marrone Bio
Innovations Inc  MBII.O  rise as much as 41.4% to 99 cents
premarket - on track to hit highest levels in over six months if
gains hold
    ** MBII one of the top pct gainers among Nasdaq-listed
stocks
    ** Marrone announced all-stock deal to merge with Bioceres
Crop Solutions  BIOX.O   urn:newsml:reuters.com:*:nGNX7lGG74
    ** BIOX down ~6% at $14 before the bell
    ** Each MBII share to be exchanged for a BIOX share at a
fixed ratio of 0.088 upon deal closing, representing value of
about $236 million
    ** Kevin Helash, CEO of Marrone Bio, says merger expected to
generate $8 million in annual cost synergies
    ** Up to Wednesday's close, MBII down 2.6% and BIOX up 5.2%
YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))