By Chicago-based food-industry technology solutions provider, John Bean Technologies (JBT), has raised its offer to acquire Marel, a food processing company based in Iceland. JBT’s new offer amounts to EUR3.40 a share ($3.70), which is an 8% increase from their initial proposal submitted last month. With this offer, Marel would have an enterprise value of approximately EUR3.4 billion.
JBT has already secured an irrevocable undertaking and entered into exclusivity with Eyrir Invest, a major shareholder controlling about 25% of Marel. This strategic move positions JBT to successfully acquire Marel.
The combination of JBT and Marel would result in a consolidation of two complementary product portfolios, fostering substantial synergies. JBT is committed to working alongside Marel’s board to create a consideration package that satisfies all shareholders. As part of this commitment, JBT is open to offering up to 50% of the payment in cash and the remaining portion in company shares.
If the buyout concludes with a split of cash and stock, Marel shareholders would retain approximately 29% ownership of the newly combined company.
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