Corbion signs agreement to bid for substantially all of the assets of innovative microalgae specialist TerraVia
(Thomson Reuters ONE) -
Corbion today announced it has entered into a "stalking horse" stock and asset
purchase agreement with TerraVia Holdings, Inc. ("TerraVia"), a food and
specialty ingredients company with a broad and diverse platform centered on
ingredients and branded products derived from microalgae. The execution of the
stock and asset purchase agreement is subject to a sale process to be conducted
under Section 363 of the U.S. Bankruptcy Code.
Corbion offered a cash purchase price of approximately $20 million, in
accordance with the terms and conditions of the stock and asset purchase
agreement. The transaction is subject to the receipt of any higher offers from
other potential bidders in an auction process as part of the Section 363 sale.
As TerraVia's operations are currently loss making, Corbion expects the total
financial commitments to be substantially in excess of the cash purchase price.
San Francisco-based TerraVia leverages its microalgae platform to deliver high-
value ingredients with clear benefits, such as Omega-3 for animal nutrition and
tailored oils, structured fats and proteins for food and biochemical
applications. It operates an R&D center in San Francisco, and two manufacturing
facilities: one wholly-owned in Peoria, Illinois and one in Brazil in a joint
venture (50.1% owned by TerraVia) with Bunge. The acquisition of TerraVia's
microalgae platform would extend Corbion's product portfolio into algae-based
fatty acids and proteins, while leveraging Corbion's extensive fermentation and
downstream processing capabilities.
TerraVia announced it filed a voluntary petition under Chapter 11 of the U.S.
Bankruptcy Code on 2 August, 2017. The stock and asset purchase agreement will
constitute a primary bid for substantially all of the TerraVia assets in a sale
process to be conducted under Section 363 of the U.S. Bankruptcy Code. The
auction process and final agreement will be subject to the approval of the
United States Bankruptcy Court for the District of Delaware. In addition,
completion of the transaction remains subject to customary closing conditions
and regulatory approvals. The auction process and transaction closing are
expected to conclude within 60 to 90 days.
This press release contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation.
Background information:
Corbion is the global market leader in lactic acid and lactic acid derivatives,
and a leading company in emulsifiers, functional enzyme blends, minerals and
vitamins. We develop sustainable solutions to improve the quality of life for
people today and generations to come. For over 100 years, we have been
uncompromising in our commitment to safety, quality and performance. Drawing on
our deep application and product knowledge, we work side-by-side with customers
to make our cutting edge technologies work for them. Our solutions help
differentiate products in markets such as food, home & personal care,
pharmaceuticals, medical devices and bioplastics. In 2016, Corbion generated
annual sales of ? 911.3 million and had a workforce of 1,684 FTE. Corbion is
listed on Euronext Amsterdam. For more information: www.corbion.com
20170802 PR TVIA ENG:
http://hugin.info/160089/R/2124582/810882.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Corbion via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 02.08.2017 - 06:43 Uhr
Sprache: Deutsch
News-ID 554935
Anzahl Zeichen: 4030
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"Corbion signs agreement to bid for substantially all of the assets of innovative microalgae specialist TerraVia"
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