JBT Corporation (NYSE: JBT) has announced that it has received all necessary regulatory clearances to proceed with its proposed acquisition of Marel HF (ICL: MAREL). The European Commission adopted a clearance decision at the end of its phase 1 review period on November 26, 2024. Additionally, JBT received formal confirmation from the Australian Competition and Consumer Commission that it does not oppose the transaction on November 22, 2024.
JBT's voluntary takeover offer is set to expire on December 20, 2024, at 12:00 GMT, unless extended in accordance with applicable laws and the terms of the definitive agreement between JBT and Marel. If JBT achieves a threshold acceptance by Marel shareholders representing at least 90% of all Marel shares, the offer consideration will be settled within 5 Icelandic business days from the expiration date of the offer. The transaction settlement is expected to be completed no later than January 3, 2025, considering all bank holidays in the Icelandic market.
Goldman Sachs & Co LLC is acting as JBT's financial advisor, while Kirkland & Ellis LLP and Lex are serving as JBT’s legal counsel. Arion Banki HF is acting as JBT’s lead manager for the Icelandic offer and advising on the Icelandic listing, and ABN AMRO Bank N.V. is acting as JBT’s Euronext Amsterdam exchange agent.
JBT Corporation, a leading global technology solutions provider to high-value segments of the food & beverage industry, employs approximately 5,100 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries.
The details of the financial aspects and changes in various metrics since the last period were not specified in the press release. Today the company's shares have moved 0.9% to a price of $125.26. For the full picture, make sure to review John Bean Technologies's 8-K report.
