Marel and JBT sign transaction agreement

On April 5, 2024, Marel announced a transaction agreement with John Bean Technologies Corporation, or JBT. This agreement, approved by the boards of both companies, signifies a strategic merger within the sector.

This agreement establishes the terms for JBT's acquisition of all issued and outstanding shares of Marel. This move is seen as a positive development for Marel, its shareholders, employees, and other stakeholders.

Details of the takeover proposal

JBT plans to launch its takeover bid in May 2024, subject to approval by various regulatory bodies. The transaction, still requiring approval from the shareholders of both Marel and JBT, is expected to be completed by the end of 2024. Consequently, the publication of Marel's financial results for Q1 2024 has been moved to May 7.

JBT's offer for Marel's shares is set at EUR 3.60 per share. Marel's shareholders have the option to exchange their shares for a combination of JBT shares and cash, or solely for JBT shares, based on a reference price of USD 96.25 per JBT share.

Future vision and corporate structure

The proposed merger of Marel and JBT is poised to have a significant impact on the sector. The board of the combined company will consist of ten members, with representation from both companies.

Maintaining Marel's heritage and its Icelandic presence is a key aspect of the agreement. JBT’s European headquarters will be located in Gardabaer, Iceland, serving as a global technology center. The combined entity, JBT Marel Corporation, will be listed on the New York Stock Exchange, with a secondary listing on Nasdaq Iceland.

This development highlights Marel's business strength and the potential for further growth and innovation in the food industry through this merger.

Marel.com