Chiquita Rejects Offer From Cutrale Group and Safra Group
The board of directors of Chiquita Brands International has unanimously decided that the unsolicited offer from the Cutrale Group and the Safra Group announced on August 11, 2014, to acquire all of the outstanding stock of Chiquita for $13.00 per share in cash, is inadequate and not in the best interests of Chiquita shareholders.
The board has also unanimously reaffirmed its recommendation that Chiquita shareholders vote to approve the proposed merger agreement between Chiquita and Fyffes. This agreement will create ChiquitaFyffes, a global banana and other fresh produce company with approximately $4.6 billion in annual revenues. 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.
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