Lifecore Biomedical to Be Acquired by Webster Equity Partners for Up to $663.7 Million; LFCR to Delist from Nasdaq

Lifecore Biomedical Inc. (LFCR) said Sept. 28 it agreed to be acquired by Webster Equity Partners in a deal valued at up to $663.7 million, contingent on reaching certain performance milestones. Shareholders will receive $6.28 per share in cash plus one non-tradable contingent value right per share. The $6.28 cash offer represents a 49.5% premium to Lifecore's Sept. 25 closing price. If the $160 million in CVR milestones are fully met, total consideration could reach $9.67 per share, a 130.2% premium. The board unanimously approved the deal and recommends shareholder approval. The transaction is expected to close at the end of the fourth quarter of 2026, subject to regulatory approvals. Financing is committed from MidCap Financial Trust, MSD Partners and Alcon Research. Following closing, LFCR will be delisted from Nasdaq. The company will keep its Chaska, Minnesota headquarters and retain the Lifecore name. A 30-day go-shop period allows alternative bids.