JBT and Marel merger approved by shareholders

JBT Corporation, a prominent global provider of technological solutions for the food and beverage industry, has received shareholder approval for the issuance of new shares in connection with its planned merger with Marel hf. During a special shareholder meeting held on August 8, 2024, more than 99 percent of the shareholders in attendance voted in favor of the transaction.

Milestone for JBT and Marel

JBT CEO Brian Deck expressed his satisfaction with the outcome of the meeting, highlighting that this approval marks a significant milestone in the merger process between the two companies. Deck emphasized the “compelling industrial logic” behind the merger, which is expected to bring substantial benefits to customers, employees, shareholders, and other stakeholders. Integration planning between the JBT and Marel teams is already underway to ensure a smooth transition.

Regulatory steps and next phases

In addition to the shareholder vote, JBT and Marel have already made significant progress towards completing the transaction. Both companies have submitted the necessary documentation in all relevant jurisdictions and are currently engaging with regulators to obtain the required approvals. The voluntary tender offer for Marel shares remains open until September 2, 2024, unless the offer period is extended. JBT is also working on a secondary listing application for Nasdaq Iceland and expects to close the transaction by the end of 2024.

With these developments, JBT is moving closer to finalizing its merger with Marel, a move that will have a considerable impact on the global food industry.

Ir.jbt.com