06:00 PM EDT, 06/20/2024 (MT Newswires) -- John Bean Technologies ( JBT ) said Thursday it secured regulatory approval in Iceland for the offer document and prospectus related to its voluntary takeover offer to acquire all issued and outstanding shares of Marel, an Iceland-based food processing company.

JBT said it will launch the offer on Monday following the approval from the Icelandic Financial Supervisory Authority of the Central Bank of Iceland.

The company said Marel shareholders will have the option to choose cash or JBT common stock, or a combination of both as payment, based on a reference share price of $96.25 per share of JBT.

It said that based on the proration feature and the agreed upon JBT reference share price, the estimated consideration mix will be 65% stock and 35% cash. That means Marel shareholders will receive 950 million euros in cash and hold about 38% ownership interest in the combined company, which will be named JBT Marel Corporation.

JBT said the combined company will remain listed on the New York Stock Exchange and is submitting a secondary application to list the JBT shares being issued in connection with the offer on Nasdaq Iceland.

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