Chiquita to "review and consider" offer

For fresh fruit and vegetable marketing and distribution in Asia
Carl Collen


Chiquita to "review and consider" offer

Chiquita reacts to Cutrale/Safra bid, but states it "continues to strongly believe" in the merits of the proposed Fyffes merger

Chiquita to "review and consider" offer

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Chiquita Brands International has released a statement confirming the receipt of an unsolicited takeover offer from juice specialist Cutrale Group and investment organisation Safra Group.

The offer, submitted via a letter to Chiquita's Ed Lonergan and Kerrii Anderson yesterday (11 August), is to acquire all of the outstanding common stock of the US group at a price of US$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 stated. "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."

While the offer has cast some doubt on the ongoing merger of Chiquita and Irish fresh produce group Fyffes, first announced in March this year, Chiquita stated that it "continues to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes plc".

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