JBT Corporation extends deadline for potential Marel takeover

CHICAGO – JBT Corporation (NYSE: JBT), a global technology solutions provider for the food and beverage industry, has been granted an extension until January 19, 2024, to decide on a voluntary takeover offer for all outstanding shares of Marel hf. This extension, approved by the Financial Supervisory Authority of the Central Bank of Iceland, follows JBT’s initial non-binding proposal to Marel’s Board on November 24, 2023, and a subsequent revision on December 13, 2023.

The potential acquisition aligns with JBT’s strategic plans and merger and acquisition goals, aiming to create value through significant synergies. However, the company maintains a disciplined approach to valuation and financial health post-transaction.

JBT’s Board of Directors has yet to approve a binding offer, and there is no certainty that a formal offer will materialize from these discussions.

Goldman Sachs Co LLC is serving as the financial advisor to JBT, with LEX and Kirkland & Ellis LLP providing legal counsel.

JBT Corporation, headquartered in Chicago, operates in more than 25 countries and employs about 5,100 people globally. It delivers technology solutions to various segments of the food & beverage industry, with nearly half of its revenue coming from recurring operations such as parts, service, rebuilds, and leasing.

The information in this article is based on a press release statement from JBT Corporation.

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