JBT Ups Offer to Acquire Marel

Marel announced that it has received a third proposal from JBT (John Bean Technologies Corp.) to acquire all issued and outstanding shares in Marel at EUR 3.60 per share (USD 3.92) with intention to merge the companies by launching a voluntary takeover offer in Q1 2024.  

Additionally, JBT announced preliminary, unaudited 2023 financial results that are expected to exceed prior guidance and issued its 2024 guidance.

JBT has made two previous offers of acquisition: one in November 2023 and a second in December 2023, both of which were not accepted.

“We are pleased that JBT continues to demonstrate the resiliency of our business as evidenced by our stronger than expected 2023 preliminary financial results along with continued, profitable growth expected in 2024,” said Brian Deck, JBT’s president and CEO. “Our results provide support to continue to execute on our strategic priorities, including today’s announcement regarding our intention to pursue a merger with Marel.”

Marel's Board of Directors has carefully considered the revised proposal both on price and its commitments to wider stakeholders and acknowledges the merits of the combination. The Board has decided to engage with JBT to further the discussions, and the companies will enter into reciprocal confirmatory due diligence.

JBT's proposal refers to an irrevocable undertaking from Eyrir Invest hf., which holds 24.7% of shares in Marel, to accept the offer in respect of all of its shares in Marel.

“Following a period of constructive discussions, we have received a revised proposal from JBT to enter into a merger with Marel," explained Arnar Thor Masson, chairman of Marel. "The Board has carefully assessed the proposal and, whilst it continues to believe in Marel’s standalone strategy, considers that there is compelling logic in the combination for Marel’s shareholders and its stakeholders. The proposed terms are attractive and offer an opportunity for the shareholders of Marel to participate in future value creation. Therefore, the Board supports working with JBT on confirmatory due diligence and the finalization of its formal offer for Marel on these terms.”

Marel will announce if anything transpires from the new proposal.