Beyond Meat will be the first plant-based meat company to go public next week; 8.75 million shares will be sold at between $19 and $21 per share, with the funds allowing the company to raise $183 million for R & D and expanded manufacturing capabilities. If Beyond Meat stock eventually sells at the top end of this bracket, the company will be valued at $1.2 billion.
As Beyond prepares to file their listing, news has emerged that meat manufacturer Tyson Foods Inc. has sold its 6.5 percent stake in the startup. According to reports, Tyson representatives have recently been unwelcome at Beyond’s board meetings, and tensions have been running high between both parties since Tyson’s CEO, Noel White, announced plans to create an own-brand plant-based protein line.
At this point it has not been disclosed as to who has purchased the stake, and it has not been announced whether Tyson offered to sell its shares or whether Beyond requested the move.
Tyson Foods released the following statement to CNBC: “Tyson Ventures is pleased with the investment in Beyond Meat and has decided the time is right to exit its investment. Beyond Meat provided an early opportunity for Tyson Ventures to invest in plant-based protein products that many consumers are seeking. We wish the leadership of Beyond Meat all the best.
“Tyson Foods continues to be committed to providing alternative protein as a choice for consumers and recently announced the creation of a new business focused on combining our creativity, scale and resources to make great tasting protein alternatives more accessible for everyone. We plan to launch an alternative protein product soon with market testing anticipated this summer.”