JBT Corp., a global technology solutions provider, is confirming that it has submitted a revised and improved proposal to the Board of Directors of Marel hf. to acquire all of the outstanding common stock of Marel for 3.40 euros per Marel share (ISK511 per share based on an ISK / EUR exchange rate of 150.3). The proposal is contingent on a favorable recommendation from the Marel Board of Directors.
This enhanced offer represents a 46% premium to Marel’s unaffected closing share price on Nov. 23, 2023, of ISK350, a 17% premium to Marel’s closing share price on Dec. 13, 2023, of ISK438.50, and is 8% higher than JBT’s prior proposal that was submitted Nov. 24, 2023. The proposed offer implies an enterprise value of approximately 3.4 billion euros for Marel. In addition, as previously communicated, JBT has received an irrevocable undertaking and remains in exclusivity with respect to the shares owned by Eyrir Invest hf., which holds 24.7% of the shares in Marel.