Marel is a step closer to US takeover

Marel, one of the world’s leading seafood and food processing equipment suppliers, announced today that  it has entered into a voluntary takeover transaction agreement with the Chicago  based John Bean Technologies Corporation (“JBT”) that aims to pave the way to a proposed takeover.

A previous bid worth around US $2.6bn (around £2bn) by JBT late last year was rejected by Iceland-based Marel,  which at the time said it did not rule out an improved offer.

Marel said today that the transaction agreement had been approved by the directors of both businesses.

The  transaction agreement includes the terms of the offer and forms the basis for and obligations in connection with corporate governance and social matters for the proposed business combination of Marel and JBT.

The Marel board said that based on the information available to date, it has taken the view that the proposed transaction is in the best interests of Marel, its shareholders, employees and wider stakeholders.

JBT expects to officially launch the offer next month, pending registration statement to be filed with the US Securities and Exchange Commission.

JBT, which is listed on the New York Stock Exchange, was formed in 2008 and has become a global leader in the production of technology solutions and services for the food and beverage industry.

Arni Sigurdsson, CEO, Marel

Arni Sigurdsson, Chief Executive Officer of Marel, said: “This is an important step as we move towards the possible combination with JBT.

“Their interest in Marel is a great testament to our business’ strength and the progress we have delivered, driven by the talented and dedicated global teams. Looking ahead to the potential combination, there are exciting opportunities to accelerate progress as we transform the way food is processed.”