Icelandic processing equipment manufacturer Marel received an unsolicited, non-binding acquisition proposal for all shares in the company on Friday.

United States-based John Bean Technologies Corporation (JBT), a global technology solutions provider to high-value segments of the food and beverage industry, submitted the non-binding initial proposal.

It states a voluntary takeover bid may be submitted subject to the conclusion of a satisfactory due diligence and final approval by JBT´s board of directors.

The non-binding initial proposal from JBT further states that if and when a voluntary takeover bid is made, it would be subject to regulatory approvals, a vote of the JBT shareholders, and a minimum tender condition of 90 percent.