John Bean Technologies (JBT) said Friday its voluntary takeover offer for Marel met all conditions, with over 90% of Marel shares validly tendered.

The transaction will settle on Jan. 2, with shareholders able to opt to receive cash, JBT stock, or a combination of cash and stock, John Bean Technologies said.

Following the merger, John Bean Technologies said it will rename itself "JBT Marel" and change its ticker to "JBTM," adding that the shares will trade on NYSE and Nasdaq Iceland starting Jan. 3.

John Bean Technologies said it plans to delist Marel shares from Nasdaq Iceland and Euronext Amsterdam and redeem any Marel shares not yet tendered.

Shares of John Bean Technologies rose 1.7% in recent trading.

Price: 125.71, Change: +2.11, Percent Change: +1.71