AMSTERDAM: John Bean Technologies Corporation (JBT), a US-based food processing and air transportation technology company, has expressed its interest in acquiring Marel, an Icelandic company that provides equipment and software for the food industry.
John Bean Technologies has offered 3.60 euros per share for all outstanding shares in Marel, valuing the company at 2.7 billion euros. JBT intends to make a voluntary takeover offer for Marel in the first quarter of 2024, with the goal of merging the two companies.
Marel’s board has evaluated JBT’s proposal and decided to enter into formal discussions with JBT, as it sees potential benefits in a combined company.
Marel’s chairman, Arnar Þór Másson, said that the terms of the proposal are reasonable and provide an opportunity for Marel’s shareholders to participate in future value creation. Marel’s largest shareholder, Eyris Invest hf., which owns 24.7% of the share capital, has irrevocably agreed to accept JBT’s offer if it is made.
JBT’s proposal allows Marel’s shareholders to choose between receiving cash, JBT shares, or a combination of both. The total consideration will be 65% in JBT shares and 35% in cash, resulting in Marel’s shareholders owning 38% of the combined company.
John Bean Technologies has also proposed to rename the combined company as JBT Marel Corporation and to maintain Marel’s presence and operations in Iceland.
The combined company will be listed on Nasdaq in Iceland in addition to the current listing of JBT shares on the New York Stock Exchange (NYSE).
The combined company will maintain the Marel brand in key markets and will operate European headquarters and technology development center in Garðabær, Iceland, but the headquarters will be in Chicago, Illinois in the United States.
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