Response to shareholder letter

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Marel notes the letter published today, 29 November 2023, by Teleios Capital (“Teleios”).

The Board of Directors of Marel, together with its advisers, regularly evaluates the Company’s strategy to maximise value, acting in the best interest of all shareholders and wider stakeholders. As part of this regular strategic evaluation, the Board reviews developments in the industry in which it participates, the operational performance of the Company, and the relative benefits of continuing participating in the consolidation of the sector. Marel welcomes an open dialogue with all shareholders, including Teleios. Marel has engaged with Teleios regularly since they have been a shareholder, as we do with our other investors, and we will continue to engage with them as we do with all our shareholders.

As part of this regular evaluation, the Board will continue to protect the best interests of all shareholders and wider stakeholders by exercising its fiduciary duties, consistent with its evaluation and unanimous rejection of JBT Corporation’s unsolicited non-binding initial proposal disclosed on 24 November, 2023 for which it was assisted by its financial adviser, J.P. Morgan, and its legal advisers, Baker McKenzie, BBA/Fjeldco and Osborne Clarke.


Further information:

Investor Relations
Marel – Tinna Molphy
Tel: +354 8538603

Media Relations
FTI – Alex Le May and Matthew O’Keeffe
Tel: +44 (0)20 3727 1340

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