Chiquita Rejects 610M Takeover Offer
CHARLOTTE, NC – Chiquita Brands International announced that its Board of Directors has unanimously determined that the unsolicited offer from the Cutrale Group and the Safra Group is inadequate and not in the best interests of Chiquita shareholders.
With the decision to reject the offer, Chiquita has determined not to furnish information to, and have discussions and negotiations with, the Cutrale Group and the Safra Group at this time, according to a press release.
To learn more about this offer, check out our previous article by clicking here.
A letter from Chiquita to the Cutrale Group and the Safra Group states, “After careful consultation with our legal and financial advisors, our Board of Directors has unanimously concluded that the Cutrale Group and the Safra Group's offer of $13.00 per share is inadequate and not in the best interests of Chiquita shareholders. Having made such a determination, Chiquita has determined not to furnish information to, and have discussions and negotiations with, the Cutrale Group and the Safra Group at this time. The Board continues to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes.”
The Chiquita Board of Directors has also unanimously reaffirmed its recommendation that Chiquita shareholders vote to approve the definitive merger agreement between Chiquita and Fyffes, according to a press release.
For more information on the Chiquita and Fyffes merger, check out our previous article by clicking here.
Stay tuned to AndNowUKnow as we continue to follow this merger and any potential takeover offers.
