Cutrale-Safra Submit Definitive Offer To Buy Chiquita For $14/Shr - Quick Facts

(RTTNews) - Cutrale-Safra announced its definitive offer to acquire all the outstanding stock of Chiquita Brands International Inc. (CQB) for $14 per share cash. Cutrale-Safra has submitted its offer to the board of Chiquita, along with a form of merger deal that Cutrale-Safra would be prepared to execute and deliver concurrently with Chiquita entering into such merger agreement and associated disclosure letters.

Cutrale-Safra is also delivering to Chiquita equity and debt commitment letters for the transaction. The offer reflects Cutrale-Safra's assessment and analysis of Chiquita's current condition and prospects.

Unlike the proposed combination with Fyffes, the superior Cutrale-Safra offer provides Chiquita shareholders complete certainty with respect to the value of their Chiquita investment. This represents nearly 40% premium to the market's valuation of the original proposed transaction with Fyffes based on Chiquita's undisturbed closing share price of $10.06 as of August 8, 2014 and around 19% premium to the adjusted stock price of $11.80, based on the revised Fyffes transaction. Moreover, the proposed cash consideration of the Cutrale-Safra offer, including the assumption of Chiquita net debt, represents a multiple of some 12.4x EBITDA for the year ended June 30, 2014.