Chiquita Confirms Receipt Of Unsolicited Offer From Cutrale Group And Safra Group
Chiquita Brands International, Inc. (NYSE:CQB), today confirmed that it has received an unsolicited offer from the Cutrale Group and the Safra Group to acquire…
CHARLOTTE, N.C., 2014-08-11 21:17 CEST (GLOBE NEWSWIRE) — Chiquita Brands International, Inc. (NYSE:CQB), today confirmed that it 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.
Consistent with its fiduciary duties, Chiquita's Board of Directors, in consultation with its legal and financial advisors, will carefully review and consider the offer to determine the course of action that it believes is in the best interests of the Company and its shareholders. Chiquita shareholders are advised to take no action at this time and to await the Board's recommendation. Chiquita will have no further comment on the Cutrale Group and the Safra Group's offer until the Board has completed its review.
As previously announced on March 10, 2014, Chiquita entered into a definitive merger agreement with Fyffes plc (ESM: FFY ID: AIM: FFY LN), under which Chiquita would combine with Fyffes in a stock-for-stock transaction. On completion of the transaction, Chiquita shareholders will own approximately 50.7% of ChiquitaFyffes, and Fyffes shareholders owning approximately 49.3% of ChiquitaFyffes, on a fully diluted basis. The agreement creates a global banana and other fresh produce company with approximately $4.6 billion in annual revenues. We continue to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes plc.
Goldman Sachs is acting as lead financial adviser to Chiquita and Wells Fargo Securities, LLC is acting as financial adviser to the Chiquita Board of Directors. Skadden, Arps, Slate, Meagher & Flom LLP, McCann FitzGerald and Taft Stettinius & Hollister LLP are acting as legal counsel to Chiquita.
About Chiquita Brands International, Inc.
Chiquita Brands (NYSE:CQB) is a leading international marketer and distributor of nutritious, high-quality fresh and value-added food products – from energy-rich bananas, blends of convenient green salads, other fruits to healthy snacking products. The company markets its healthy, fresh products under the Chiquita® and Fresh Express® premium brands and other related trademarks. With annual revenues of more than $3 billion, Chiquita employs approximately 20,000 people and has operations in approximately 70 countries worldwide. For more information, please visit www.chiquita.com.