JBT Announces Voluntary Takeover Offer of Marel Expires

By Bobby Samwell • Saturday, December 21 15:23 • Permanent Link

JBT Corporation (NYSE: JBT) has announced the expiration of its voluntary takeover offer to acquire all issued and outstanding shares of Marel HF (ICL: MAREL). The offer expired on December 20, 2024, at 12:00 PM GMT, with at least 90 percent of all issued and outstanding shares of Marel having been validly tendered in the offer.

The settlement of the transaction is expected to occur on January 2, 2025. Shareholders who tendered their shares had the option to elect to receive either all cash, all JBT common stock, or a combination of cash and JBT common stock in respect of their Marel shares.

As a result of meeting the minimum acceptance conditions and other required conditions, JBT intends to acquire all of the issued and outstanding Marel shares not yet validly tendered and to apply for the Marel shares to be delisted from Nasdaq Iceland HF and Euronext Amsterdam.

In conjunction with the combination of JBT and Marel, JBT will change its corporate name and stock ticker symbol to "JBT Marel Corporation" and "JBTM," respectively, which is expected to occur on or about January 2, 2025. JBTM shares will remain listed on the New York Stock Exchange (NYSE) with a secondary listing on Nasdaq Iceland, with trading expected to commence on both exchanges on January 3, 2025.

Goldman Sachs Co LLC is acting as JBT’s financial advisor, and 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, while 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 and beverage industry, employs approximately 5,100 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries. As a result of these announcements, the company's shares have moved 1.0% on the market, and are now trading at a price of $124.78. If you want to know more, read the company's complete 8-K report here.

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