JBT Corp. recently announced that its voluntary takeover offer to acquire all issued and outstanding shares of Marel hf. (ICL: Marel) expired at 12 p.m. GMT on Dec. 20, 2024.

JBT, a global technology solutions provider to the food and beverage industry, has now satisfied all conditions to the offer, including the minimum acceptance condition with at least 90% of all issued and outstanding shares of Marel having been validly tendered in the offer. Further information regarding the final result of the offer, including the number of shares tendered, will be disclosed in JBT’s upcoming 8-K filing. JBT will complete the offer in accordance with its terms given the minimum acceptance conditions and other required conditions have been met.

“Today marks the final major milestone in combining JBT and Marel to form a leading food and beverage process company,” JBT President and CEO Brian Deck said on Dec. 20. “We are pleased with the outcome of the Marel shareholders’ tender decisions and extend our appreciation to shareholders for supporting the transaction. The compelling industrial logic of this transaction is clear, and we are focused on delivering meaningful value for the combined company’s customers, employees and shareholders.”

Settlement of offer consideration

The settlement of the transaction is expected to occur on Jan. 2, 2025. All Marel shareholders who validly tendered their shares had 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 their Marel shares, subject to the proration feature.

Source: JBT Corp.