CHICAGO — John Bean Technologies (JBT) Corp. was given a two-week extension by the Icelandic Financial Supervisory Authority to issue a decision regarding its takeover bid for all shares in fellow food equipment company Marel.

Before the announcement, JBT needed to decide on the deal by Jan. 5.

“Marel is in the process of reviewing JBT’s non-binding proposal with due care and process to assess its merits, consistent with the long-term interests of the company and all shareholders, and together with its advisors is in preliminary and high-level discussions with JBT as part of this assessment,” the company said on its website. “At this time, there is no certainty whether the non-binding proposal will lead to a binding offer, or the terms on which such an offer might be made.”

JBT said in its statement on Jan. 5 that the issuance of a binding offer remains subject to the approval of its board of directors.

“The potential merger with Marel is consistent with JBT’s strategic plan and M&A objectives of pursuing transactions with strong industrial logic and with significant synergy potential to enhance shareholder value,” JBT added.

During November, JBT made its first non-bind proposal to the board of Marel, which was rejected.

A month later, it made a second proposal in which JBT offered 3.4 euros ($3.71) per share for all outstanding shares in Marel.