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Chiquita Gets Bid From Cutrale, Safra That Would End Fyffes Deal

Published on Aug 11 2014 1:14 PM in Food

Chiquita Gets Bid From Cutrale, Safra That Would End Fyffes Deal

Chiquita Brands International Inc., owner of the namesake banana label, received an unsolicited $611 million takeover offer that envisages the company scrapping its pending takeover of Irish competitor Fyffes Plc.

Juice maker Cutrale Group and Safra Group said today in a joint statement that they’re offering $13 a share for Charlotte, North Carolina-based Chiquita. The proposal is 29 per cent more than Chiquita’s closing share price on 8 August and isn’t subject to financing conditions, Cutrale and Safra said.

“If we are able to proceed on a timely basis with due diligence and discussions, we will be in a position to close the transaction before the end of the year, within the same timeframe you have indicated for the Fyffes transaction,” Cutrale and Safra said in a letter to Chiquita’s management, a copy of which was included in the statement.

The Chiquita-Fyffes deal, which was announced in March, would bring together two of the world’s oldest fruit importers, who between them have operations spanning the Americas, Europe and Asia.

Chiquita jumped 31 per cent top $13.15 at 9:49 a.m. in New York.

Bloomberg News edited by Hospitality Ireland

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