GARDABAER, ICELAND – Marel announced on Nov. 28 that it rejected Chicago-based John Bean Technologies (JBT) Corp.’s offer to acquire the food equipment company.

On Nov. 24, JBT submitted a non-binding proposal to Marel’s board of directors. According to Marel, the initial proposal from JBT offered the Icelandic company 3.15 euros per share, including all Marel shares and current debt.

Marel said its board carefully evaluated the unsolicited proposal.

“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,” Marel said.

The company also said there are benefits in further consolidation in the sector and has been executing this strategy.

“In line with its fiduciary duties, the board would evaluate any proposals that fully reflect the value of Marel,” the company said.