USA: Chiquita confirms receipt of unsolicited offer from Cutrale Group and Safra Group

Chiquita Brands International, Inc. has confirmed that it has received an unsolicited offer from 2 Brazilian companies to acquire all of the outstanding common stock of Chiquita at a price of $13.00 per share in cash to Chiquita shareholders.

Cutrale Group, one of the world's largest orange-juice suppliers, and investment firm Safra Group have offered 611 million dollars as they look to stymie the US banana company's plans to merge with Ireland's Fyffes, a proposed deal that was announced in March of this year.

"We are confident that this transaction offers compelling and more certain value for Chiquita shareholders as compared with the proposed transaction with Fyffes", the Brazilian firms said in a statement “This platform offers Chiquita extensive experience in all aspects of the fruit and juice value chain”.

In a press release, Chiquita's Board of Directors said that, in consultation with its legal and financial advisors, it would carefully review and consider the offer to determine the course of action that it believed to be in the best interests of the company and its shareholders.

Source: Chiquita Brands /Wall St Journal / FoodBev / Bloomberg