JBT Corporation Completes Voluntary Takeover Offer for Marel hf. Shares

JBT Corporation (NYSE: JBT), a global technology solutions provider within the food and beverage industry, recently announced the successful expiration and results of its voluntary takeover offer for all issued and outstanding shares of Marel hf. The completion of this acquisition marks a significant milestone in the company’s strategic growth plan.

As detailed in the 8-K filing on December 20, 2024, JBT disclosed that it had attained acceptance from Marel shareholders representing approximately 97.5 percent of all issued and outstanding shares. The offer exceeded the required 90 percent minimum acceptance condition, allowing JBT to proceed with the acquisition in line with the specified terms.

Shareholders who participated in the offer had the option to choose between receiving cash, JBT common stock, or a combination of both in exchange for their Marel shares. Due to overwhelming interest in receiving JBT shares, a proration feature was applied to ensure fairness in the distribution.

With the settlement of the offer anticipated for January 2, 2025, JBT plans to formally change its corporate name to “JBT Marel Corporation” and its stock ticker symbol to “JBTM” around the same time. This rebranding reflects the integration of JBT and Marel, positioning the combined entity as a leading player in the food and beverage processing sector.

The post-acquisition phase will see JBT acquiring any remaining Marel shares through a compulsory purchase process, consolidating its ownership to over 90 percent of all Marel shares. This move aligns with JBT’s strategic consolidation goals and operational synergies expected from the merger.

The new entity, JBT Marel Corporation, will retain its listing on the New York Stock Exchange (NYSE) while securing a secondary listing on Nasdaq Iceland, opening up opportunities for enhanced market presence and investor engagement. Trading of JBTM shares is set to commence on both exchanges on January 3, 2025.

The transaction was advised by Goldman Sachs Co LLC, with legal counsel provided by Kirkland & Ellis LLP and LEX. Arion banki hf. served as JBT’s lead manager for the Icelandic offer, and ABN AMRO Bank N.V. acted as JBT’s Euronext Amsterdam Exchange agent.

JBT Corporation aims to leverage the combined expertise and resources of JBT and Marel to drive growth, innovation, and value creation for its stakeholders. The completion of this strategic takeover reaffirms JBT’s commitment to delivering top-tier solutions within the food and beverage industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read John Bean Technologies’s 8K filing here.

John Bean Technologies Company Profile

John Bean Technologies Corporation provides technology solutions to food and beverage industry in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers value-added processing that includes chilling, mixing/grinding, injecting, blending, marinating, tumbling, flattening, forming, portioning, coating, cooking, frying, freezing, extracting, pasteurizing, sterilizing, concentrating, high pressure processing, weighing, inspecting, filling, closing, sealing, end of line material handling, and packaging solutions to the food, beverage, and health market.