JBT Corporation (NYSE:JBT), a technology solutions provider to the food & beverage industry, announced on Friday the expiration of its voluntary takeover offer for Iceland-based Marel hf. (NASDAQ Iceland:MAREL), a provider of food processing equipment, systems, software and services to the poultry, meat and fish industries.

The offer successfully met the minimum acceptance condition of 90% of Marel shares tendered.

JBT will finalise the acquisition on 2 January 2025. Marel shareholders who tendered their shares will receive either cash, JBT stock or a combination of both, subject to proration.

JBT intends to delist Marel's shares from Nasdaq Iceland and Euronext Amsterdam and initiate a compulsory purchase for the remaining shares.

On 2 January 2025 JBT will change its name to JBT Marel Corporation and its stock ticker symbol to 'JBTM'. JBTM shares will continue trading on the NYSE and will be listed on Nasdaq Iceland, beginning 3 January 2025.