Fyffes Permits Chiquita To Engage In Discussions With Cutrale And Safra

(RTTNews) - Chiquita Brands International, Inc. (CQB) announced Fyffes has granted the company a waiver that permits Chiquita to engage in discussions with the Cutrale Group and the Safra Group. Accordingly, Chiquita has sent a letter to Cutrale / Safra indicating its willingness to offer to Cutrale / Safra the opportunity to conduct focused due diligence and present its final and best offer. The company also postponed the Special Meeting of Shareholders to vote on the proposed transaction with Fyffes plc (FFY.L) to October 3, 2014. The meeting had been scheduled for September 17, 2014.

Chiquita announced that its Board and Lonergan have agreed to extend Lonergan's employment as CEO for another year, through October 8, 2015. Chiquita has renewed its change in control severance agreements, which were set to expire at the end of August. Chiquita said it does not expect to update the market with any further information unless and until the Board has reached a decision on a definitive course of action.

Fyffes proposed to seek adjournments of the Court Meeting and EGM convened for September 17, 2014 and, subject to any direction of the Irish High Court, to reconvene such meetings for October 3, 2014.