In a company statement, Chiquita said its 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.
Chiquita recently entered into a definitive merger agreement with Fyffes, 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 $4.6bn in annual revenues. We continue to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes.
Source: Chiquita Brands
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