• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
PublishDashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees
    Legal
    Terms of usePrivacy policyCookie policy

    JBT Corporation Confirms Receipt of All Regulatory Clearances Required to Complete its Proposed Acquisition of Marel hf.

    11/27/24 10:28:00 AM ET
    $JBT
    Industrial Machinery/Components
    Industrials
    Get the next $JBT alert in real time by email

    JBT Corporation (NYSE:JBT), a leading global technology solutions provider to high-value segments of the food and beverage industry, today announced receipt of all remaining regulatory clearances required to complete its proposal to acquire all issued and outstanding shares of Marel hf. (ICL: Marel). On November 26, 2024, the European Commission (E.C.) adopted a clearance decision at the end of its Phase 1 review period. Additionally, on November 22, 2024, JBT received formal confirmation that the Australian Competition and Consumer Commission does not oppose the transaction.

    JBT's voluntary takeover offer will expire on December 20, 2024, at 12:00 GMT, unless such offer period is further extended in accordance with applicable laws and the terms of the definitive agreement between JBT and Marel. Provided JBT achieves a threshold acceptance by Marel shareholders, representing at least 90 percent of all Marel shares, JBT will settle the offer consideration to Marel shareholders within 5 Icelandic business days from the expiration date of the offer. The settlement of the transaction is therefore expected to close no later than January 3, 2025, taking into account all bank holidays in the Icelandic market.

    Transaction Advisors

    Goldman Sachs Co LLC is acting as JBT's financial advisor and Kirkland & Ellis LLP and LEX are serving as JBT's legal counsel. Arion banki hf. is acting as JBT's lead manager for the Icelandic offer and advising on the Icelandic listing, and ABN AMRO Bank N.V. is acting as JBT's Euronext Amsterdam Exchange agent.

    About JBT Corporation

    JBT Corporation (NYSE:JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT 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, service, rebuilds and leasing operations. JBT employs approximately 5,100 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com.

    Forward-Looking Statements

    This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT's ability to control. These forward-looking statements include, among others, statements relating to our business and our results of operations, a potential transaction with Marel, our strategic plans, our restructuring plans and expected cost savings from those plans, and our liquidity. The factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: the occurrence of any event, change or other circumstances that could give rise to the termination or abandonment of the voluntary takeover offer (the "Offer"); the expected timing and likelihood of completion of the proposed transaction with Marel, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals for the Offer that could reduce anticipated benefits or cause the parties to abandon the transaction; the risk that Marel and/or JBT may not be able to satisfy the conditions to the Offer in a timely manner or at all; the risk that the Offer and its announcement could have an adverse effect on the ability of JBT and Marel to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of Marel and JBT, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve cost-cutting synergies or that it may take longer than expected to achieve those synergies; fluctuations in our financial results; unanticipated delays or accelerations in our sales cycles; deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; inflationary pressures, including increases in energy, raw material, freight and labor costs; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; changes to trade regulation, quotas, duties or tariffs; fluctuations in currency exchange rates; changes in food consumption patterns; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; acts of terrorism or war, including the ongoing conflicts in Ukraine and the Middle East; termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation; customer sourcing initiatives; competition and innovation in our industries; our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; catastrophic loss at any of our facilities and business continuity of our information systems; cyber-security risks such as network intrusion or ransomware schemes; loss of key management and other personnel; potential liability arising out of the installation or use of our systems; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; work stoppages; fluctuations in interest rates and returns on pension assets; a systemic failure of the banking system in the United States or globally impacting our customers' financial condition and their demand for our goods and services; availability of and access to financial and other resource; the risk factors discussed in our proxy statement/prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (File No. 333-279438), on June 25, 2024, forming part of the Registration Statement on Form S-4, initially filed by us on May 15, 2024 and declared effective on June 25, 2024; and other factors described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in JBT's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") and in any subsequently filed Quarterly Reports on Form 10-Q. JBT cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. JBT undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

    Important Notices

    This release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, this release is not an offer of securities for sale in the United States, Iceland, the Netherlands or Denmark.

    Note to U.S. Shareholders

    It is important that U.S. shareholders understand that the Offer and any related offer documents are subject to disclosure and takeover laws and regulations in Iceland and other European jurisdictions, which may be different from those of the United States. The Offer will be made in compliance with the U.S. tender offer rules, including Regulation 14E under the Securities Exchange Act of 1934 as amended (the "Exchange Act"), and any exemption available to JBT in respect of securities of foreign private issuers provided by Rule 14d-1(d) under the Exchange Act.

    Important Additional Information

    No offer of JBT securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption from registration, and applicable European regulations, including the Icelandic Prospectus Act no. 14/2020 and the Icelandic Takeover Act no. 108/2007 on takeovers. In connection with the Offer, JBT filed with the SEC a registration statement on Form S-4 (File No. 333-279438) (the "Registration Statement") that included a proxy statement/prospectus (the "Proxy Statement/Prospectus"). The Registration Statement was declared effective by the SEC on June 25, 2024. Additionally, JBT filed with the Financial Supervisory Authority of the Central Bank of Iceland (the "FSA") an offer document and a prospectus, which have been approved by the FSA and which have been published.

    SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, THE PROSPECTUS, AND THE OFFER DOCUMENT, AS APPLICABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR THE FSA CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.

    Shareholders may obtain a free copy of the Proxy Statement/Prospectus, as well as other filings containing information about JBT, without charge, at the SEC's website at www.sec.gov, and on JBT's website at https://ir.jbtc.com/overview/default.aspx. You may obtain a free copy of the prospectus on the FSA's website at www.fme.is and on JBT's website at https://www.jbtc.com/jbt-marel-offer-launch/ as well as a free copy of the offer document.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241127008128/en/

    Get the next $JBT alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Q&A

    New
    • What recent development has occurred regarding JBT Corporation's proposed acquisition of Marel hf.?

      JBT Corporation has acquired all remaining regulatory clearances required for its proposed acquisition of Marel hf.

    • When is the expiration date for JBT's voluntary takeover offer for Marel?

      The voluntary takeover offer by JBT will expire on December 20, 2024, unless an extension is granted.

    • When is the expected settlement date for JBT's acquisition of Marel, assuming the offer is successful?

      Settlement of the offer consideration is expected to occur within 5 Icelandic business days after the expiration date, aiming for a completion by January 3, 2025.

    • Who are the key advisors involved in JBT Corporation's acquisition of Marel?

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

    • What are some potential risks associated with the acquisition of Marel by JBT Corporation?

      The acquisition is subject to risks including regulatory approval delays, challenges in business integration, and economic conditions affecting JBT's performance.

    Recent Analyst Ratings for
    $JBT

    DatePrice TargetRatingAnalyst
    12/12/2024Market Outperform
    CJS Securities
    12/12/2024$130.00Hold
    Jefferies
    10/27/2022Outperform → Mkt Perform
    William Blair
    2/24/2022$185.00 → $140.00Overweight
    Wells Fargo
    1/10/2022$165.00 → $185.00Overweight
    Wells Fargo
    10/4/2021$130.00Underweight → Neutral
    JP Morgan
    More analyst ratings

    $JBT
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Gronfeldt Svafa was granted 482 shares (SEC Form 4)

      4 - JBT Marel Corp (0001433660) (Issuer)

      1/6/25 6:04:29 PM ET
      $JBT
      Industrial Machinery/Components
      Industrials
    • President Sigurdsson Arni was granted 4,987 shares, increasing direct ownership by 29% to 22,233 units (SEC Form 4)

      4 - JBT Marel Corp (0001433660) (Issuer)

      1/6/25 6:03:45 PM ET
      $JBT
      Industrial Machinery/Components
      Industrials
    • Director Savage Ann was granted 482 shares (SEC Form 4)

      4 - JBT Marel Corp (0001433660) (Issuer)

      1/6/25 5:59:14 PM ET
      $JBT
      Industrial Machinery/Components
      Industrials

    $JBT
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • JBT Corporation Completes Settlement of its Voluntary Takeover Offer of Marel hf. and Commences Trading as JBT Marel Corporation

      JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food and beverage industry, today announced JBT Corporation's completion of the settlement of its voluntary takeover offer to acquire all issued and outstanding shares of Marel hf. (Marel) that were validly tendered by Marel shareholders prior to the expiration of the voluntary takeover offer on December 20, 2024, at 12:00 PM GMT. Additionally, shares of the combined company, JBT Marel Corporation, began trading today under the new stock ticker symbol "JBTM" on both the New York Stock Exchange (NYSE) and Nasdaq Iceland hf (Nasdaq Iceland). "Today is a signi

      1/3/25 6:30:00 AM ET
      $JBT
      Industrial Machinery/Components
      Industrials
    • JBT Corporation Announces Expiration of the Voluntary Takeover Offer for All Marel hf. Shares and Satisfaction of the Minimum Acceptance Condition

      JBT Corporation (NYSE:JBT), a leading global technology solutions provider to high-value segments of the food and beverage industry, today announced that JBT's voluntary takeover offer to acquire all issued and outstanding shares of Marel hf. (ICL: Marel) expired on December 20, 2024, at 12:00 PM GMT. JBT has now satisfied all conditions to the offer, including the minimum acceptance condition with at least 90 percent 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 accor

      12/20/24 7:15:00 AM ET
      $JBT
      Industrial Machinery/Components
      Industrials
    • JBT Corporation Announces Webcast to Further Discuss the Planned Combination with Marel hf. Prior to Expiration of the Voluntary Takeover Offer

      JBT Corporation (NYSE:JBT), a leading global technology solutions provider to high-value segments of the food and beverage industry, today announced that JBT and Marel hf. (ICL: Marel) will host a joint webcast on Wednesday, December 11, 2024, at 8:00 AM ET / 1:00 PM GMT to further discuss the combination prior to the expiration of the voluntary takeover offer. Live Webcast of Shareholder Fireside Chat in Iceland On Wednesday, December 11, 2024, JBT and Marel will host an open house in Iceland, which is intended for Marel shareholders. Space is limited for the in-person open house, and interested Marel shareholders need to register in advance for in-person attendance. As part of the o

      12/5/24 6:30:00 AM ET
      $JBT
      Industrial Machinery/Components
      Industrials

    $JBT
    SEC Filings

    See more
    • John Bean Technologies Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - JBT Marel Corp (0001433660) (Filer)

      1/7/25 9:14:59 AM ET
      $JBT
      Industrial Machinery/Components
      Industrials
    • SEC Form 425 filed by John Bean Technologies Corporation

      425 - John Bean Technologies CORP (0001433660) (Subject)

      12/20/24 4:17:57 PM ET
      $JBT
      Industrial Machinery/Components
      Industrials
    • John Bean Technologies Corporation filed SEC Form 8-K: Regulation FD Disclosure

      8-K - John Bean Technologies CORP (0001433660) (Filer)

      12/20/24 4:15:30 PM ET
      $JBT
      Industrial Machinery/Components
      Industrials