JBT Confirms On November 26, 2024, The European Commission Adopted A Clearance Decision At The End Of Its Phase 1 Review Period; On November 22, 2024, JBT Received Formal Confirmation That The Australian Competition And Consumer Commission Does Not Oppose The Transaction To Acquire All Issued And Outstanding Shares Of Marel Hf.
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.
