Chicago, Illinois, U.S.A.-based John Bean Technologies Corporation (JBT) has received the remaining regulatory clearances it needed to proceed with its attempt to acquire Icelandic food-processing firm Marel.
JBT made its first attempt to take over Marel in November 2023, offering Marel EUR 3.15 (USD 3.31) per share for the company. Marel ultimately declined that bid and then denied a second follow-up bid in December 2023 that had an enterprise value of EUR 3.4 billion (USD 3.6 billion).
After the second failed attempt, JBT waited until April 2024 to begin another attempt at acquiring Marel in a deal valued at USD 3.9 billion (EUR 4.1 billion), or EUR 3.60 (USD 3.79) per share. After signing a transaction agreement, the company later launched a voluntary takeover offer to shareholders in June 2024.
That offer was approved by the board of directors of both Marel and JBT.
“As a board and with independent advice, we have carefully considered what the combination as JBT Marel Corporation would mean for our shareholders and wider stakeholders. We have concluded that there is compelling strategic rationale for the transaction and the offer provides an exciting opportunity to accelerate progress and have a positive effect on the interests of Marel and its stakeholders,” Marel Chair Arnar Thor Masson said in June. “Therefore, the board unanimously supports the offer from JBT for all shares in Marel and have provided a positive recommendation in our reasoned statement.”
All three offers were connected to Eyrir Invest hf., the largest shareholder in Marel, which holds roughly 25 percent of the company’s issued and outstanding shares. JBT announced that its first takeover attempt was launched after it received an irrevocable undertaking from Eyrir Invest, which was co-founded by former Marel CEO Arni Oddur Thordarson.
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