JBT Corporation (NYSE: JBT) has announced that the Financial Supervisory Authority of the Central Bank of Iceland has granted an extension to the deadline for JBT to announce its final decision on whether to make a voluntary takeover offer for all of the outstanding common stock of Marel HF. The deadline, known as the "pusu deadline," was originally set for January 5, 2024, but has now been extended to January 19, 2024.
"The potential merger with Marel is consistent with JBT's strategic plan and M&A objectives of pursuing transactions with strong industrial logic and with significant synergy potential to enhance shareholder value," said management in the press release. "JBT intends to remain disciplined with respect to its pursuit of this transaction, both in terms of valuation and ensuring a strong pro forma balance sheet as well as future strategic flexibility."
The issuance of a binding offer remains subject to the approval of JBT's board of directors, and there can be no assurance that any formal offer will be made as a result of these considerations.
JBT Corporation, a leading global technology solutions provider to high-value segments of the food & beverage industry, designs, produces, and services sophisticated products and systems for a broad range of end markets, generating roughly one-half of its annual revenue from recurring parts, service, rebuilds, and leasing operations. JBT Corporation employs approximately 5,100 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $1,920 | $1,946 | $1,728 | $1,868 | $2,166 | $2,265 |
| Revenue Growth | n/a | 1.35% | -11.2% | 8.13% | 15.93% | 4.56% |
| Operating Margins | 7% | 10% | 9% | 9% | 8% | 8% |
| Net Margins | 5% | 7% | 6% | 6% | 6% | 25% |
| Net Income (MM) | $104 | $129 | $109 | $118 | $131 | $562 |
| Earnings Per Share | $3.23 | $4.02 | $3.39 | $3.69 | $4.07 | $17.47 |
| EPS Growth | n/a | 24.46% | -15.67% | 8.85% | 10.3% | 329.24% |
| Diluted Shares (MM) | 32 | 32 | 32 | 32 | 32 | 32 |
| Free Cash Flow (MM) | $114 | $72 | $218 | $172 | $55 | $54 |
| Capital Expenditures (MM) | $40 | $38 | $34 | $54 | $88 | $70 |
| Current Ratio | 1.27 | 1.49 | 1.35 | 1.31 | 1.4 | 1.87 |
| Total Debt (MM) | $388 | $699 | $525 | $674 | $978 | $646 |
| Net Debt / EBITDA | 1.96 | 3.0 | 2.42 | 3.05 | 4.48 | 2.52 |
