Global fresh produce company Chiquita has rejected a takeover offer from juice maker Cutrale and Brazilian investment firm Safra Group, opting to see out its deal with Irish company Fyffes.
The Chiquita board of directors voted unanimously to turn down the unsolicited takeover bid by Cutrale/Safra to acquire Chiquita’s stock for $13 per share, received 11 August.
In a letter addressed Cutrale/Safra representative Michael Rubinoff, Chiquita chairwoman Kerrii Anderson and CEO Edward Lonergan said the offer was inadequate and Chiquita was committed to its deal with Fyfes.
“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 per share is inadequate and not in the best interests of Chiquita shareholders,” said the letter, published on the Chiquita website. “Having made such a determination, Chiquita has determined not to furnish information to, and have discussion and negotiations with the Cutrale Group and the Safra Group at this time.”
The deal comes just two months after Fyffes struck a US$526m deal to takeover Chiquita.
