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3M’s deal for Neogen would be structured as a Reverse Morris Trust, a tax-efficient way for companies to sell off a division.
Photo: nicholas pfosi/Reuters
3M Corp. MMM -1.42% is near a deal to combine its food-safety business with Neogen Corp. NEOG -0.20% , a food testing and animal healthcare specialist, according to people familiar with the matter.
The deal will value the combined company at $9.3 billion including debt and come as soon as Tuesday, the people said. It will be structured as a Reverse Morris Trust, a tax-efficient way for companies to sell off a division, with Neogen’s management team running the combined company. It would value the 3M unit at around $5.3 billion, the people said.
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