Our Corporate and Securities Group represented Meredian Holdings Group, Inc., doing business as Danimer Scientific, a privately owned company engaged in the manufacture of bioplastic replacements for traditional petrochemical-based plastics, in completing a business combination with Live Oak Acquisition Corp., a special purpose acquisition company listed on the New York Stock Exchange, for $450 million, subject to adjustment as set forth in the Agreement and Plan of Merger. Upon completion of the business combination, Danimer became a wholly owned subsidiary of Live Oak, and Live Oak changed its name to Danimer Scientific, Inc.
Danimer, through its principal operating subsidiaries, Meredian, Inc., Danimer Scientific, L.L.C. and Danimer Scientific Kentucky, Inc., brings together innovative technologies to deliver renewable, environmentally friendly bioplastic materials to global consumer product companies.
We represented Danimer throughout the process, negotiating the Letter of Intent and the Agreement and Plan of Merger with Live Oak, and worked with Danimer and Live Oak in preparing the proxy statement/prospectus for the business combination. We also negotiated the employment arrangements of Danimer’s key executives, as well as a Long-Term Incentive Plan and an Employee Stock Purchase Plan, and, with our Intellectual Property Group and Real Estate Group, handled all of the related issues to reach a successful completion of the transaction.
Robert Lawrence, Aris Haigian, Mitchell Hollander, Peter Herman, Joseph Ventimiglia, Jonathan Zalkin and Michael Wu of our Corporate and Securities Group, Adam Cohen, Brendan McFeely and Paul Szabo of our Intellectual Property Group and Gary Ostroff and Cantesi Tiggs of our Real Estate Group, among others, assisted throughout the process to reach a successful closing of the business combination.