SCHEDULE: Clarkston Group Discloses 5.38% Stake in Neogen Corp

A group of entities and individuals led by Clarkston Capital Partners has reported a 5.38% beneficial ownership stake in Neogen Corp, totaling 11,693,250 common shares.

Summary

• Clarkston Capital Partners, LLC, Clarkston Companies, Inc., Modell Capital LLC, Jeffrey A. Hakala, Gerald W. Hakala, and Jeremy J. Modell (the "Reporting Persons") jointly filed an Amendment No. 1 to Schedule 13G.
• The filing reports beneficial ownership of 11,693,250 shares of Neogen Corp's Common Stock.
• This ownership represents 5.38% of Neogen Corp's outstanding Common Stock, based on 217,298,626 shares outstanding as of August 31, 2025.
• The Reporting Persons hold sole voting power over 4,135,000 shares and shared voting power over 7,519,900 shares.
• They hold sole dispositive power over 4,135,000 shares and shared dispositive power over 7,558,250 shares.
• The securities are held in accounts of Clarkston Capital Partners' discretionary clients or by a control person of CCP.
• The Reporting Persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Neogen Corp.

Sentiment

Score: 5

Explanation: This is a factual disclosure of beneficial ownership, indicating a neutral sentiment as it does not contain performance results or strategic updates from the issuer.

Positives

• Increased institutional ownership by a group of entities and individuals, potentially signaling confidence in Neogen Corp's long-term prospects.

Future Outlook

No forward-looking statements or guidance from Neogen Corp are provided in this beneficial ownership disclosure.

Management Comments

• The Reporting Persons certify that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing indicates a significant, passive investment by an institutional group in Neogen Corp, a company operating in sectors such as animal health, food safety, or life sciences. Such Schedule 13G filings are standard for institutional investors accumulating stakes above the 5% threshold, signaling a long-term, non-activist interest.

Stakeholder Impact

• Shareholders: The disclosure of a significant, passive institutional stake may be viewed as a positive signal of investor confidence, though it does not imply any immediate strategic changes or activist intentions.

Key Dates

Keywords

Neogen Corp, NEOG, Schedule 13G, beneficial ownership, institutional investor, Clarkston Capital Partners, common stock, SEC filing, ownership stake