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8-K ·Filed Sep 28, 2026

LFCR

LIFECORE BIOMEDICAL, INC. \DE\
BULLISH
Impact 8/10
Horizonweeks Processed28d 11h ago SEC0001140361-26-037767
8-K material event: Items 1.01
Actionable Insight ▲ Bullish

Monitor the 30-day go-shop period for potential competing bids; the 49.5% premium and committed financing (no financing condition) suggest high closing probability. Post-close, track Lifecore's revenue diversification away from Alcon and EBITDA growth toward the 2030 milestone target of $120M.

DirectionBullish
Confidencehigh
Horizonweeks
Latest settled — T+20d ⚠ clustered
LFCR ▼ -1.23% at T+20d
LONG call ✗ call lost -1.23% · α vs SPY -1.20% · entry $6.52 → $6.44
Next anchor: T+60d in 8w
Entry = T+0 close
Sep 28, 2026
via day close
T+1d
+1.07%
call +1.07% · α +1.26%
$6.59
settled 28d ago
T+5d
0.00%
call 0.00% · α -1.20%
$6.52
settled 22d ago
T+20d
-1.23%
call -1.23% · α -1.20%
$6.44
settled 12h ago
T+60d
Pending
in 8w

Price Chart

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Executive Summary

Lifecore Biomedical has entered into a definitive merger agreement to be acquired by an affiliate of Webster Equity Partners (Parent: Lifecore Inc.) for $6.28 per share in cash plus one contingent value right (CVR) per share, representing a 49.5% premium to the closing price on September 25, 2026. The CVRs provide up to $160 million in aggregate milestone payments tied to revenue and EBITDA targets for 2028-2030. The transaction is expected to close by end of Q4 2026, subject to stockholder approval, HSR clearance, and other customary conditions, with a 30-day go-shop period.

Key Financial Metrics

Deal Value
$663.7M
Premium
49.5%
Deal Type
merger

Key Facts

  • Cash consideration of $6.28 per common share, a 49.5% premium to the September 25, 2026 closing price.
  • Each common share and Series A Preferred share (on an as-converted basis) receives one non-tradable CVR with up to $160M in aggregate milestone payments.
  • CVR milestones: 2028 revenue ≥$120M ex-Alcon (or ≥$174M total), 2029 revenue ≥$175M ex-Alcon (or ≥$228M total), 2030 Consolidated EBITDA ≥$120M.
  • Milestone payments: $30M (2028), $45M (2029), $85M (2030), with partial scaling and a 2028 catch-up payment in 2029.
  • Parent has $400M in equity commitments from Webster affiliates and $180M in debt commitments ($115M term loans + $30M revolver from third-party lenders, $35M term loan from Alcon).
  • Company Termination Fee of $9,957,716 ($7,468,287 during go-shop period); Reverse Termination Fee of $16,181,288.
  • Wynnefield Capital and Legion Partners stockholders, holding significant stakes, have entered into voting and support agreements to vote in favor of the merger.
  • Board and Transaction Committee unanimously approved and recommend the merger.
  • Closing conditioned on stockholder vote, HSR expiration, no legal restraint, and continued effectiveness of Amended Alcon Agreements.
  • Go-shop period of 30 days from public announcement (September 28, 2026).

Financial Impact

Total enterprise value up to $663.7 million including full CVR payments; $6.28/share cash at closing plus up to $3.39/share in CVR payments for a combined $9.67/share at full milestone achievement.

revenueebitdadilution

Risk Factors

  • Stockholder approval or regulatory (HSR) clearance may be delayed or denied.
  • CVR payments are contingent on achieving aggressive revenue and EBITDA targets; partial or no payment possible.
  • Go-shop period could result in a superior proposal, triggering a termination fee.
  • Alcon agreements must remain in force for closing; any termination could block the deal.
  • Litigation related to the merger or the Specified Adjustment Matters could delay or impose costs.

Investment Themes

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001140361-26-037767
Document: ef20082009_ex10-1.htm0001140361-26-037767
Document: ef20082009_ex10-2.htm0001140361-26-037767
Document: ef20082009_8k.htm0001140361-26-037767
Document: ef20082009_ex99-1.htm0001140361-26-037767
Document: ef20082009_ex99-4.htm0001140361-26-037767
14 reports for LFCR
Performance horizon
57% Hit rate @ T+1 4 of 7 directional calls Went positive at some point 6 of 7 best @ T+60▲ +45.27%Mar 26, 2026
Filters
Rows
Reports for LFCR — sortable, filterable
TypeNow
Oct 20, 2026
6d ago
8-K
NEUTRAL ★ 3/10
$6.37 $6.37· 0.00%▲ +1.18%$6.40 (+0.47%)
Sep 28, 2026
28d ago
SC 13D/A
BULLISH ★ 7/10
$6.59 $6.58▼ −0.15%▲ +0.05%$6.40 (−2.88%)
Sep 28, 2026
28d ago
DEFA14A
BULLISH ★ 7/10
$6.52 $6.59▲ +1.07%▲ +1.26%$6.40 (−1.84%)
Sep 28, 2026
28d ago
8-K
BULLISH ★ 8/10
$6.52 $6.59▲ +1.07%▲ +1.26%$6.40 (−1.84%)
Sep 28, 2026
28d ago
Press Release
BULLISH ★ 7/10
$6.52 $6.59▲ +1.07%▲ +1.26%$6.40 (−1.84%)
Aug 5, 2026
11w ago
8-K
NEUTRAL ★ 5/10
$4.44 $4.84▲ +9.01%▲ +9.17%$6.40 (+44.14%)
Jul 2, 2026
16w ago
8-K
BEARISH ★ 7/10
$5.09 $5.05▲ +0.79%▲ +1.66%$6.40 (−25.74%)
Jun 15, 2026
19w ago
Press Release
BULLISH ★ 6/10
$5.49 $5.35▼ −2.55%▼ −1.95%$6.40 (+16.58%)
Jun 5, 2026
20w ago
8-K
NEUTRAL ★ 3/10
$5.57 $5.66▲ +1.62%▲ +1.91%$6.40 (+14.90%)
Jun 2, 2026
20w ago
Press Release
NEUTRAL ★ 4/10
$5.45 $5.67▲ +4.04%▲ +4.73%$6.40 (+17.43%)
Showing 10 of 14

US Market Status

Market Closed — Opens Wed (13h 21m)

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Report published Sep 28, 2026