Photo by Mike Mozart, Flickr Creative Commons.
Chiquita Brands International has received a revised offer from entities affiliated with the Cutrale Group and the Safra Group to acquire all of the outstanding common stock of Chiquita at a price of $14.50 per share in cash.
On 15 October 2014, Chiquita’s board of directors unanimously rejected Cutrale/Safra’s previous offer of $14 per share and reaffirmed its recommendation that Chiquita shareholders vote to approve the definitive transaction agreement between Chiquita and Fyffes.
Chiquita’s board of directors, in consultation with its financial and legal advisors, will carefully review and consider the revised Cutrale/Safra offer in light of the best interests of the Company and its shareholders, and consistent with its fiduciary duties.
The Chiquita Special Meeting of Shareholders is currently scheduled for 24 October 2014 to consider the ChiquitaFyffes merger and other proposals. In the interim, shareholders are urged to review the proxy and other materials previously circulated by Chiquita, which contain important information that may be useful to shareholders’ evaluation of the revised offer.
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