This story is being updated.
The board of directors of Icelandic equipment manufacturing giant Marel have rejected a non-binding takeover offer from Chicago-based JBT corporation.
In statement released on Tuesday, the Icelandic company wrote: “The board unanimously agreed that the proposal is not in the best interests of Marel’s shareholders since it does not account for the intrinsic value of the business as well as the inherent risk of executing the proposed transaction.”
Read more: Surprise takeover bid values Icelandic equipment manufacturer Marel at €3.15 per share
In the statement issued on Tuesday, Marel reiterated its strategy of pursuing sector consolidation, recognizing the benefits it holds. The company’s board is committed to its fiduciary duties and has affirmed that it will consider any acquisition offers that accurately reflect Marel’s value.
JP Morgan is acting as Marel’s financial advisor and legal advisers are Baker McKenzie (US counsel), BBA/Fjeldco (Icelandic counsel) and Osborne Clarke (Dutch counsel).
