The new company will be named JBT Marel Corporation.
Marel
JBT Corporation has confirmed that the Icelandic Financial Supervisory Authority of the Central Bank of Iceland (FSA) has approved the offer document and prospectus related to Marel hf. acquisition.
The leading global technology solutions provider to high-value segments of the food and beverage industry has officially launched the offer on Monday, June 24, 2024.
According to the JBT statement, Marel shareholders will have the option to elect to receive either all cash, all JBT common stock, or a combination of cash and JBT common stock in respect of each Marel share.
Thus, according to the reference price set by JBT ($96.25 per JBT share), if Marel shareholders were to choose the third option, they would receive 950 million euros in cash and would have an approximate 38% stake in the combined company.
As WeAreAquaculture informed in April, after the acquisition the new company will be named JBT Marel Corporation, and Marel's current facility in Gardabaer (Iceland) will be designated as JBT's European headquarters.
JBT Corporation designs, produces, and services sophisticated products and systems for a broad range of end markets, generating roughly one-half of its annual revenue from recurring parts, services, rebuilds, and leasing operations.
It employs approximately 5,100 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries.