UPSIDE Foods has submitted a 50 million dollar stalking horse bid to acquire the United States assets of the cultivated meat company Believer Meats. Believer Meats ceased operations in December and is currently in receivership. The proposed sale includes a production facility in North Carolina and various manufacturing equipment, though certain intellectual property rights held by the Israeli entity Future Meat Technologies remain excluded. Other parties have until July 20 to submit higher offers, with an auction scheduled for July 28 if competing bids are received. UPSIDE Foods intends to use the facility to increase its production capacity for cultivated chicken. The transaction is subject to approval by the North Carolina Business Court, and the assets are being marketed by BDO Consulting Group to ensure the best possible outcome for creditors.
Source: UPSIDE Foods submits $50m bid for Believer Meats’ US assets