In a decisive move, the board of Marel, a prominent Icelandic food processing company, has unanimously rejected a non-binding expression of interest from JBT Corporation, a U.S.-based technology solutions provider. The announcement came through an official statement to the stock exchange, following a thorough evaluation of JBT’s proposal initially communicated on November 24, 2023.
The board, led by Chairman Arnar Þór Másson and Vice-Chairman Ólafur S. Guðmundsson, concluded that JBT’s proposal did not align with the best interests of Marel’s shareholders. Key concerns highlighted by the board included the proposal’s failure to recognize Marel’s intrinsic business value and the risks associated with the potential transaction.
Marel’s strategic focus remains on external growth and industry consolidation opportunities, as demonstrated through its recent activities. The board emphasized its readiness to consider proposals that genuinely reflect Marel’s total value and potential.
Last week’s disclosures revealed that JBT Corporation’s expression of interest did not constitute a legally binding commitment. Any subsequent voluntary takeover offer would be subject to various conditions. Interestingly, Eyris Invest hf., owning a 24.7% stake in Marel, had issued an irrevocable declaration supporting the takeover, subject to it materializing in line with the initial expression of interest.
The board of Marel comprises seasoned professionals, including members Svafa Grönfeldt, Ástvaldur Jóhannsson, Ton van der Laan, Ann Savage, and Lillie Li Valeur.
In a related development, the company recently announced the departure of Árni Oddur Þórðarson from the role of CEO, a position he held for a decade, following legal uncertainties involving Arion Bank’s acquisition of his shares in Eyris Invest. Árni Oddur’s exit marks the end of a significant era for Marel, as he also served as the chairman for eight years.