Chiquita Brands International, Inc. announced Thursday that its Board of Directors, after careful consultation with its legal and financial advisors, unanimously determined that the unsolicited offer from the Cutrale Group and the Safra Group announced Monday, to acquire all of the outstanding stock of Chiquita for $13 per share in cash, 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 Chiquita Board of Directors also unanimously reaffirmed its recommendation that Chiquita shareholders vote to approve the definitive merger agreement between Chiquita and Fyffes.
Chiquita stated that it remains committed to completing its transaction with Fyffes, which it believes will create a combined company that is better positioned to succeed in a highly competitive marketplace, while driving strong performance and value for shareholders.
Chiquita turns down unsolicited buyout offer from Safra, Cutrale
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