Shares of Fyffes fell more than 13 percent on Monday.įaced with years of declining orange juice consumption globally, Cutrale is expanding into other geographies and products after venturing into grain trading in recent years. They ended the day at $13.30 on the New York Stock Exchange, above the offer price of $13, indicating that investors may expect a bidding war for the company. Shares of Chiquita rose more than 30 percent in response to the competing offer. The combined market value of Chiquita and Fyffes is currently close to $1 billion. (Recasts to add details on Safra, Cutrale operations, deal rationale throughout)Īug 11 (Reuters) - Juice maker Cutrale and investment firm Safra Group said on Monday they had offered to acquire U.S.-based Chiquita Brands International Inc in a $610.5 million cash deal that rivaled an all-stock agreement with Irish tropical fruit company Fyffes Plc.Ĭutrale, based in Brazil, and Safra, a global banking and real estate group with strong roots in Brazil, said they were offering $13 per share in cash to Chiquita shareholders, a 29 percent premium to Chiquita’s closing price on Friday.Ĭhiquita is attempting to close a merger with Fyffes, which the two companies announced in March.
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