Chiquita Recieves Unsolicited Offer From Cutrale Group and Safra Group
Fresh produce group Chiquita Brands International has received an unsolicited offer from the Cutrale Group and the Safra Group to acquire all of the outstanding common stock of Chiquita at a price of $13.00 per share in cash to Chiquita shareholders.
On March 10, 2014, Chiquita entered into a definitive merger agreement with Fyffes in an all shares transaction. On completion of the deal, Chiquita shareholders will own approximately 50.7% of ChiquitaFyffes, and Fyffes shareholders will own approximately 49.3% of the merged business, on a fully diluted basis. The agreement creates a global banana and other fresh produce company with approximately $4.6 billion in annual revenues.
Chiquita’s board of directors, in consultation with its legal and financial advisors, will carefully review and consider the Cutrale Group and the Safra Group offer to determine the course of action that it believes is in the best interests of the company and its shareholders. Chiquita shareholders have been advised to take no action at this time and to await the board’s recommendation. Chiquita will make no further comment on the Cutrale Group and the Safra Group’s offer until the board has completed its review.
