Meat & Livestock News

JBT Granted Additional Time for Marel Acquisition Decision

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The Icelandic Financial Supervisory Authority has recently extended the deadline for John Bean Technologies (JBT) Corporation regarding their proposed acquisition of Marel. The new deadline, now set for January 19, provides JBT with an extra two weeks beyond the original deadline of January 5 to finalise its decision.

Marel is thoroughly reviewing JBT’s non-binding proposal to ensure it aligns with the long-term interests of the company and its shareholders. This review involves preliminary and detailed discussions with JBT, guided by Marel’s advisors. At this stage, it remains uncertain whether JBT’s proposal will transform into a binding offer, and the specifics of such an offer are yet to be determined.

JBT, in its January 5 statement, emphasised that any binding offer is contingent upon the approval of its board of directors. The company views the potential merger with Marel as a strategic step in line with its long-term planning and merger and acquisition goals. JBT anticipates that this merger could bring significant synergies and enhance shareholder value.

In November, JBT’s initial non-binding proposal was declined by Marel’s board. Following this, in December, JBT made a second proposal, offering 3.4 euros ($3.71) per share for all outstanding shares of Marel.

This development in the potential acquisition of Marel by JBT is being closely monitored in the food equipment industry, as it holds significant implications for the sector’s future.