Teleios Capital Partners, a minority shareholder in Icelandic processing equipment giant Marel, has written to the company's board requesting a strategic review process after the company received a takeover offer from American firm John Bean Technologies Corporation (JBT) earlier this month.

Teleios has been a shareholder in Marel for over half a decade, with a current holding of 3.3 percent in the company.

Teleios lauded Marel’s rejection of the JBT bid which it said “materially undervalued” the company, but slammed “longstanding governance shortcomings” at Marel, which it said led to the low offer.