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, and the Australian Competition and Consumer Commission confirmed on November 22, 2024, that it does not oppose the transaction.
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 percent of all Marel shares, it will settle the offer consideration to Marel shareholders within 5 Icelandic business days from the expiration date of the offer. The settlement of the transaction is expected to close no later than January 3, 2025.
JBT Corporation, a leading global technology solutions provider to high-value segments of the food and beverage industry, employs approximately 5,100 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries.
Transaction advisors for JBT Corporation include Goldman Sachs Co LLC as the financial advisor, Kirkland & Ellis LLP and Lex as legal counsel, Arion Banki hf. as the lead manager for the Icelandic offer and advisor on the Icelandic listing, and ABN AMRO Bank N.V. as the Euronext Amsterdam exchange agent. The market has reacted to these announcements by moving the company's shares 0.9% to a price of $125.26. For more information, read the company's full 8-K submission here.
