Marel to review non-binding takeover proposal from JBT Corp.

Marel (MRRLF) said earlier that John Bean Technologies Corporation (JBT) submitted the non-binding initial proposal to the compan.: The non-binding initial proposal states a voluntary takeover bid may be submitted subject to conclusion of a satisfactory due diligence and final approval by JBT’s board of directors. The non-binding initial proposal from JBT further states that if and when a voluntary takeover bid is made, it would be subject to conditions. In the non-binding initial proposal JBT proposes a valuation of EUR 3.15 per shares for 100% of the outstanding shares in Marel. The non-binding initial proposal provides that 25% of the proposed consideration would be paid in cash and 75% in the form of shares in JBT. It is further stated that Marel’s shareholders would hold approximately 36% of JBT’s shares following the potential transaction. No further information is provided on the price per share in JBT or possible exchange rate. Marel said it “will review the non-binding proposal with due care and process to assess its merits, consistent with the long-term interests of the company and all shareholders.”