Chiquita Brands International’s board of directors has unanimously rejected an upgraded buy-out bid from two Brazilian companies.
The proposed deal would have seen Cutrale, an orange juice maker, and Safra Group, a banking conglomerate, acquire all outstanding stock in Chiquita for US$14 per share. The Safrun-Cutrale combination made a solicited bid for Chiquita at US$13 per share earlier this week.
In a company statement, Chiquita said Safra-Cutralehas was yet to deliver an irrevocable offer for a potential acquisition.
“Chiquita believes, as previously announced, that the implied present value of future share price range of ChiquitaFyffes is US$15.46 to US$20.01 based on a range of EBITDA growth during 2015,” Chiquita explained.
The Chiquita board took the opportunity to reaffirm its recommendation that Chiquita shareholders vote to approve the definitive transaction agreement between Chiquita and Irish firm Fyffes on 24 October.