Icelandic processing equipment manufacturer Marel has rejected a takeover bid from US-based John Bean Technologies Corporation (JBT) to buy all of the company for $2.6 billion (€2.4 billion).

The equipment giant received the unsolicited offer last week. Chicago-based JBT was proposing a valuation of €3.15 ($3.40) per share for 100 percent of the outstanding shares in Marel.

JBT said the offer formed part of its long-term acquisition strategy and vision to "become a pure play food and beverage technology solutions provider."