Chiquita Rejects Cutrale/ Safra Sweetened Offer

(RTTNews) - Banana producer Chiquita Brands International, Inc. (CQB) said Thursday that its Board of Directors has determined that the offer from the Cutrale Group and the Safra Group announced on October 15, to acquire all of the outstanding stock of Chiquita for $14.00 per share in cash, is inadequate and not in the best interests of Chiquita shareholders.

Brazilian companies Cutrale Group and Safra Group on Wednesday raised their offer to acquire Chiquita by about 8% to $14 per share in cash, as they try to scuttle Chiquita's proposed merger with Irish food company Fyffes Plc (FFY.L, FYFFF).

Chiquita also said Thursday that its board has reaffirmed its recommendation that Chiquita shareholders vote to approve the definitive deal agreement between Chiquita and Fyffes, as revised on September 25, at Chiquita's Special Meeting of Shareholders scheduled for October 24.

Chiquita said it remains committed to completing its deal with Fyffes, which it believes will create a combined company that is better positioned to succeed in a highly competitive marketplace, while driving strong performance and value for shareholders.