Marel Says No Deal on JBT Proposed Buyout for $2.6B

Icelandic processing equipment manufacturer Marel has rejected a takeover bid from JBT Corp. to buy the company for $2.6 billion.

The Board of Directors of Marel has carefully evaluated JBT Corporation’s unsolicited non-binding initial proposal disclosed on November 24, 2023.

The Board unanimously agreed that the proposal is not in the best interests of Marel’s shareholders since it does not account for the intrinsic value of the business as well as the inherent risk of executing the proposed transaction.

JBT said the offer formed part of its long-term acquisition strategy and vision to "become a pure play food and beverage technology solutions provider."

As previously stated, Marel has been clear that there are benefits of further consolidation in the sector and has been executing this strategy. In line with its fiduciary duties, the Board would evaluate any proposals that fully reflect the value of Marel.