JBT Corporation Announces Extension of Voluntary Takeover Offer for All Marel hf. Shares to Accommodate Final Regulatory Review Process
JBT announced an extension of its voluntary takeover offer for Marel hf. shares to accommodate regulatory reviews by the European Commission (E.C.) and Australian Competition and Consumer Commission (ACCC). The offer expiration has been extended from November 11 to December 20, 2024. JBT expects E.C. regulatory approval by late November following a 25-day Phase 1 review ending November 28. The company aims to receive ACCC approval in a similar timeframe. Settlement is expected by January 3, 2025, provided JBT achieves at least 90% acceptance of Marel shares.
JBT ha annunciato un'estensione della sua offerta pubblica di acquisto volontaria per le azioni di Marel hf. per consentire le revisioni normative da parte della Commissione Europea (C.E.) e della Commissione per la Concorrenza e i Consumatori Australiana (ACCC). La scadenza dell'offerta è stata estesa dall'11 novembre al 20 dicembre 2024. JBT prevede l'approvazione normativa dalla C.E. entro la fine di novembre, dopo una revisione di Fase 1 di 25 giorni che termina il 28 novembre. L'azienda punta a ricevere l'approvazione dell'ACCC in un lasso di tempo simile. Il regolamento è previsto per il 3 gennaio 2025, a condizione che JBT ottenga almeno il 90% di accettazioni delle azioni di Marel.
JBT anunció una extensión de su oferta pública de adquisición voluntaria de acciones de Marel hf. para acomodar las revisiones regulatorias por parte de la Comisión Europea (C.E.) y de la Comisión Australiana de Competencia y Consumidores (ACCC). La fecha de expiración de la oferta se ha extendido del 11 de noviembre al 20 de diciembre de 2024. JBT espera la aprobación regulatoria de la C.E. para finales de noviembre, tras una revisión de Fase 1 de 25 días que finaliza el 28 de noviembre. La compañía tiene como objetivo recibir la aprobación de la ACCC en un marco de tiempo similar. Se espera que el acuerdo se realice el 3 de enero de 2025, siempre que JBT logre al menos un 90% de aceptación de acciones de Marel.
JBT는 유럽연합(E.C.)과 호주 경쟁소비자위원회(ACCC)의 규제 검토를 수용하기 위해 Marel hf. 주식에 대한 자발적 인수 제안을 연장한다고 발표했습니다. 제안 유효 기간이 11월 11일에서 12월 20일로 연장되었습니다. JBT는 11월 28일에 종료되는 25일간의 1단계 검토를 거쳐 11월 말까지 E.C.의 규제 승인을 받을 것으로 기대하고 있습니다. 회사는 유사한 시간대에 ACCC의 승인을 받을 계획입니다. 결제는 2025년 1월 3일로 예상됩니다, JBT가 Marel 주식의 최소 90% 승인을 달성한 경우에 한해서입니다.
JBT a annoncé une extension de son offre publique d'achat volontaire pour les actions de Marel hf. afin de permettre des examens réglementaires par la Commission Européenne (C.E.) et l'Autorité Australienne de la Concurrence et des Consommateurs (ACCC). La date d'expiration de l'offre a été prolongée du 11 novembre au 20 décembre 2024. JBT s'attend à obtenir l'approbation réglementaire de la C.E. d'ici fin novembre, après une révision de phase 1 de 25 jours se terminant le 28 novembre. La société vise à obtenir l'approbation de l'ACCC dans un délai similaire. Le règlement est attendu pour le 3 janvier 2025, à condition que JBT atteigne au moins 90% d'acceptation des actions de Marel.
JBT hat eine Verlängerung seines freiwilligen Übernahmeangebots für die Aktien von Marel hf. angekündigt, um den regulatorischen Überprüfungen der Europäischen Kommission (E.C.) und der Australischen Wettbewerbs- und Verbraucherkommission (ACCC) Rechnung zu tragen. Die Angebotsfrist wurde vom 11. November auf den 20. Dezember 2024 verlängert. JBT erwartet die regulatorische Genehmigung der E.C. bis Ende November nach einer 25-tägigen Prüfung der Phase 1, die am 28. November endet. Das Unternehmen strebt an, auch in einem ähnlichen Zeitrahmen die Genehmigung der ACCC zu erhalten. Die Abwicklung wird bis zum 3. Januar 2025 erwartet, vorausgesetzt, JBT erreicht eine Mindestakzeptanz von 90% der Marel-Aktien.
- Extension granted by Financial Supervisory Authority shows regulatory process moving forward
- Clear timeline for regulatory approvals with E.C. decision expected by late November 2024
- Previous shareholder tenders remain valid without need for resubmission
- Delayed closing timeline from original November 11 to December 20, 2024
- Transaction still contingent on 90% minimum shareholder acceptance
- Multiple regulatory approvals still pending from E.C. and ACCC
Insights
The extension of JBT's voluntary takeover offer for Marel hf. represents a significant regulatory milestone in this
This regulatory progress signals strong momentum toward completing JBT's strategic acquisition of Marel. The timing extension is a normal procedural step that shouldn't raise concerns about deal certainty. The 90% acceptance threshold remains the key variable for success. If achieved, this acquisition would significantly expand JBT's market presence in food processing technology. The structured timeline with clear regulatory milestones and settlement dates provides transparency for shareholders and reduces execution uncertainty. The involvement of top-tier advisors like Goldman Sachs and established local market experts further strengthens the transaction's credibility and likelihood of completion.
The extension was granted to accommodate the regulatory reviews by the European Commission (E.C.) and Australian Competition and Consumer Commission (ACCC). On October 23, 2024, following the completion of pre-notification information exchanges with the E.C., JBT formally notified the E.C. under EU Merger Regulation of JBT’s proposed acquisition of Marel. The E.C. is now formally reviewing the notification, and the standard 25 working day Phase 1 review period comes to an end on November 28, 2024. Accordingly, JBT anticipates receiving regulatory approval from the E.C. in late November and is targeting to receive regulatory approval from the ACCC during a similar timeframe to the E.C. approval.
The voluntary takeover offer, which was scheduled to expire on November 11, 2024, will now expire on December 20, 2024, unless such offer period is further extended in accordance with applicable laws and the terms of the definitive agreement between JBT and Marel. Shareholders that have previously tendered their Marel shares do not need to re-tender their Marel shares or take any other action in response to the extension of the voluntary takeover offer.
Provided JBT achieves a minimum acceptance by Marel shareholders, representing at least 90 percent of all Marel shares, JBT plans to settle the offer consideration to Marel shareholders within 5 Icelandic business days from the new expiration date of the offer period (based on a planned amendment to the offer document, extending the settlement period from 3 to 5 business days). 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
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
Note to
It is important that
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
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/20241030517556/en/
Investors & Media:
Marlee Spangler
(312) 861-5789
marlee.spangler@jbtc.com
Source: JBT Corporation
FAQ
When is the new expiration date for JBT's takeover offer of Marel shares?
What is the minimum acceptance threshold required for JBT's acquisition of Marel?
When does JBT expect to receive European Commission approval for the Marel acquisition?
When is the expected settlement date for JBT's acquisition of Marel shares?
