The investor group, which currently owns about 16% of Benson Hill's shares, may change its members.
Any deal between Benson Hill and the investors will depend on certain conditions, such as a detailed review and the finalization of transaction documents, says the soybean producer.
To evaluate this offer, Benson Hill’s board has set up a special committee of independent directors called the transaction committee. This committee, with help from financial advisor Piper Sandler & Co and legal advisor Foley Hoag, will review the offer and consider other strategic options.
The St Louis, Missouri based company stressed how there is no guarantee it will go through with this offer or any other potential deal.
Asset-light business model
Known for its high-protein soybeans, Benson Hill has been shifting to a new asset-light business model that focuses on animal feed markets, which will complement its food ingredient business. To support this change, the producer has been selling off its manufacturing facilities.
In February this year, it sold its soy processing business in Creston, Iowa, to White River Soy Processing (WRSP) for $72m. The Creston facility can produce soy meal, oil, and food-grade soy products. In October 2023, WRSP also acquired Benson Hill's Seymour, Indiana crush assets.
In autumn last year, Benson Hill shared what it termed were promising findings on its non-GMO, Ultra High Protein low oligosaccharide (UHP-LO) soybeans, which are designed for poultry, swine, and pet food.
