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JBT Marel Corp (NYSE:JBTM), currently valued at $6.56 billion and trading near its 52-week high of $133.98, has finalized its compulsory acquisition of the remaining shares of Marel hf., an Iceland-based company, on Monday. According to InvestingPro analysis, the stock is trading above its Fair Value, with multiple indicators suggesting high valuation multiples. This move comes as part of JBT Marel’s previously announced intention to acquire all issued and outstanding shares of Marel hf. that were not already owned by its subsidiary, John Bean Technologies Europe B.V.
Shareholders of Marel hf. who tendered their shares in the acquisition were given the choice to receive either a cash payment, a combination of cash and JBT Marel stock, or solely JBT Marel stock, subject to certain proration adjustments. Specifically, the options included €3.60 in cash, 0.0265 shares of JBT Marel plus €1.26 in cash, or 0.0407 shares of JBT Marel for each Marel share. Due to the proration feature, those who opted for the all-cash choice received €3.60 per share, while others received a mix of cash and stock or a slightly adjusted amount of €1.2073635 in cash and 0.0270961 shares of JBT Marel per share.
Shareholders who did not make an election were automatically provided with €1.26 in cash and 0.0265 shares of JBT Marel for each Marel share they owned. In total, the remaining Marel shareholders were issued approximately €23.6 million in cash and 493,150 JBT Marel shares upon settlement.
As a result of this transaction, the total number of issued and outstanding shares of JBT Marel is now 51,884,100, including 6,095 treasury shares as of February 4, 2025.
JBT Marel Corp, headquartered in Chicago, Illinois, operates under the Special Industry Machinery sector and is incorporated in Delaware. The company demonstrates strong financial fundamentals, with InvestingPro data showing a healthy current ratio of 2.55 and impressive six-month returns of 37.73%. This strategic acquisition is expected to consolidate JBT Marel’s position in the market, although the company has not disclosed any further plans or the expected impact of this acquisition on its operations. InvestingPro subscribers have access to 10 additional key insights and a comprehensive Pro Research Report, offering detailed analysis of JBT Marel’s financial health and growth prospects.
This report is based on a statement from the SEC filing by JBT Marel Corporation.
In other recent news, JBT Corporation has successfully completed its voluntary takeover offer for Marel hf., marking a significant milestone in the food and beverage industry. All conditions for the acquisition have been met, with more than 90% of Marel’s issued and outstanding shares tendered. This major development is set to change JBT’s corporate name and stock ticker symbol to JBT Marel Corporation and JBTM, respectively, signaling a new era for the company.
Jefferies, an investment banking firm, has initiated coverage on John Bean Technologies with a Hold rating, acknowledging the company’s significant transformation with the acquisition of Marel. This change is expected to double the company’s size, positioning it for potential long-term growth in the stable food processing market. However, Jefferies’ Hold rating also indicates potential near-term risks associated with growth expectations for Marel.
Further details regarding the takeover offer were disclosed in a Form 8-K filed by JBT with the SEC, providing shareholders with a transparent view of the financial implications of the transaction. The filing included Marel’s unaudited condensed consolidated interim financial statements and JBT’s unaudited pro forma condensed combined financial information. This information is essential for shareholders, although JBT emphasized its illustrative nature and potential variance from future results post-transaction.
These recent developments highlight JBT’s strategic expansion in the global food processing market and the company’s commitment to transparency and shareholder engagement. As the company navigates the forecasted risks and opportunities in the food processing industry, these events will continue to shape its trajectory.
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