Deals
Chiquita Sticks With Fyffes as Cutrale-Safra Bid Rejected
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Chiquita Brands International Inc., owner of the namesake banana label, said it will continue with its planned purchase of Irish competitor Fyffes Plc after rejecting an unsolicited $611 million takeover proposal from Cutrale Group and Safra Group.
Chiquita remains committed to completing the pending Fyffes deal, the Charlotte, North Carolina-based company said in a statement yesterday. The Aug. 11 offer of $13 a share from Brazil’s Cutrale and Safra is “inadequate” and not in the best interests of shareholders, it said.