Consistent with its fiduciary duties, Chiquita’s Board of Directors, in consultation with its legal and financial advisors, will carefully review and consider the offer to determine the course of action that it believes is in the best interests of the company and its shareholders.
As previously announced on March 10, 2014, Chiquita entered into a definitive merger agreement with Fyffes plc, under which Chiquita would combine with Fyffes in a stock-for-stock transaction. On completion of the transaction, Chiquita shareholders will own approximately 50.7% of ChiquitaFyffes, and Fyffes shareholders owning approximately 49.3% of ChiquitaFyffes. The agreement creates a global banana and other fresh produce company with approximately $4.6 billion in annual revenues.
In a release, Chiquita stated, “We continue to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes plc.”
Chiquita Brands International Inc. has received an unsolicited offer from the Cutrale Group and the Safra Group to acquire all of the outstanding common stock of Chiquita at a price of $13.00 per share in cash to Chiquita shareholders, for a transaction valued at approximately $630 million.