Neogen: Cut In Half, Still Some Questions

Aug. 12, 2022 8:00 AM ETNeogen Corporation (NEOG)MMM11 Comments

Summary

  • Neogen has seen its share price cut in half since it announced the merger with the 3M Food Safety business.
  • Both businesses were valued too rich to start with.
  • Softer organic performance, debt incurred with the deal, and valuation questions make it hard to see the screaming appeal, even here.
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Late last year, I concluded that Neogen (NASDAQ:NEOG) was creating a giant in food safety as this small and nimble food safety player was set to become much larger following a tie-up with 3M (

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