MAREL HF : Sweetened offer by JBT could entice MAREL board and shareholders
>Likelihood of a transaction has increased - The upped offer of JBT (€3.40, max 50% cash, board representation, possibly a 2nd listing in Iceland) is certainly an improvement. Multiple wise it is still below what we think is fair but the offer is in line with the average sell side price target. In addition, we also have to take into account a scenario whereby MAREL’s profitability remains subdued for 1 or 2 years. And we have to take into account the situation at Eyri...Marel hf is an Iceland-based holding company active within the food industry. It is primarily engaged in providing equipment, systems and services for the poultry, meat and fish processing industry. The Company activities are divided into following segments: Poultry, including processing systems for broilers, turkeys and ducks; Fish, providing equipment and system for processing whitefish an salmon; Meat, including systems and services to the red meat industry, such as deboning and trimming, case ready and bacon processing; Further Processing, including portioning and forming, marinating, coating, frying, cooking and sausage making; and More Foods, including systems and services to processing such foods as vegetables, fruit and cheese. The Company's distribution network includes sales and service units in over 30 countries. The Company operates Sulmaq Industrial e Comercial SA as subsidiary.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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