John Bean Technologies Corporation (NYSE:JBT) made a non-binding initial proposal to acquire Marel hf. (ICSE:MAREL) for ?2.4 billion on November 24, 2023. Under the terms, John Bean shall pay ?3.15 per share for 100% of the outstanding shares in Marel wherein 25% of the proposed consideration would be paid in cash and 75% in the form of shares in JBT. The offer is subject to conclusion of a satisfactory due diligence, final approval by JBT´s board of directors, Regulatory approvals, vote of the JBT shareholders and minimum tender condition of 90%. Goldman Sachs Co LLC acted as financial advisor while LEX and Kirkland & Ellis LLP acted as legal advisors for JBT. JP Morgan acted as financial advisor for Marel while Baker McKenzie, BBA/Fjeldco and Osborne Clarke acted as legal advisors for Marel.

John Bean Technologies Corporation (NYSE:JBT) cancelled the acquisition of Marel hf. (ICSE:MAREL) on November 28, 2023. The Board of Directors of Marel unanimously rejected the offer.