The Cutrale Group and the Safra Group today said that they are 'extremely disappointed' with the decision of Chiquita’s Board to reject the Cutrale‐Safra $13 per share all‐cash proposal to acquire Chiquita, and not to furnish information to or engage in discussions and negotiations with representatives of Cutrale‐Safra regarding the proposal.
The statement said that Chiquita's decision was a 'continuation of its track record of shareholder value destruction'.
Accordingly, the companies said that they are now considering all alternatives to provide shareholders with the opportunity to send a clear message to the Chiquita Board that they should enter into discussions regarding the Cutrale‐Safra proposal.
“Since the announcement of our proposal, the market clearly has recognised that our proposal provides greater and more certain value to Chiquita’s shareholders than the previously reported Chiquita‐Fyffes transaction,' the groups stated.
'Chiquita shareholders’ best interests are served by the Chiquita Board engaging in discussions with us. We have also made it clear that, if we are able to have prompt discussions with Chiquita and undertake due diligence, we would fully expect to complete our proposed transaction no slower than the timeframe that the Chiquita Board has announced for the Chiquita‐Fyffes transaction.”
