Following the rejection of the initial offer to acquire Marel, John Bean Technologies Corp. (JBT) has made a second offer to acquire the majority interest in the company.  The new proposal offers $3.71 per share for all outstanding equity including the 24.7 percent held by Eyrir Invest. of Iceland.  The offer will include assumption of existing debt amounting to approximately $900 million.

Brian Deck president and CEO of JBT Corp stated, “Our Company has long admired Marel and there is significant strategic, cultural and operational alignment between our companies.  We are confident that the contemplated merger will bring substantial benefits to both companies, customers, employees, local community partners and shareholders.  JBT is open to further dialogue with the Board of Marel to affect a win-win outcome.”

JBT indicated that the European headquarters would remain in Gardabaer, Iceland with the corporate headquarters in Chicago.  JBT added that if a New York Stock Exchange listing were to be obtained, a secondary listing would be established in Iceland.

In response to the offer, Marel noted that it will “Review the proposal with due care and process to assess its merits consistent with the long-term interest of the company and all shareholders.”  The statement added, “There is no certainty that the proposal will lead to a binding offer or the terms on which an offer might be made.”