USA – Benson Hill, a leading food technology company, has received a preliminary, non-binding indication of interest from Argonautic Ventures Master SPC, an investor group aiming to acquire all outstanding shares of Benson Hill’s common stock that it does not already own.
Currently holding approximately 16% of Benson Hill’s outstanding shares, Argonautic Ventures has proposed a purchase price of US$0.2236 per share, valuing the potential transaction at around US$46.6 million, based on the roughly 212 million outstanding shares.
In response, Benson Hill’s board of directors has established a special committee of independent directors to explore and evaluate this proposal as part of the company’s ongoing review of strategic alternatives.
The company emphasized the preliminary nature of this offer, stating, “No assurance can be given that the Transaction Committee or the company will pursue a definitive transaction concerning the indication of interest or any other potential transaction, or that any such transaction or other potential transaction will eventually be consummated.”
Benson Hill further noted that it would refrain from making additional announcements regarding any alternatives under evaluation unless a specific transaction is approved or further disclosure is deemed necessary.
The news of the potential acquisition positively impacted Benson Hill’s stock price, which closed at US$0.17 per share on June 27, a modest increase from US$0.16 per share the previous day and US$0.15 per share two days earlier.
Founded in 2012, Benson Hill has positioned itself at the intersection of food technology and genetic science. It leverages its proprietary genetics, AI-driven CropOS technology platform, and Crop Accelerator to enhance the genetic diversity of soy quality traits.
The company went public in 2021 with rapid growth ambitions but has faced several challenges recently.
Despite these challenges, Benson Hill has shown resilience, selling its Fresh business to IMG Enterprises for US$21 million in 2023 to concentrate on its Ingredient business segment.
However, high supply chain costs have impacted profitability in certain food ingredient categories.
Over the past year, the company has exited the ownership and operation of soy processing assets to transition to an asset-light business model with a stronger focus on animal feed markets.
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