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Thursday, August 14, 2014

Chiquita Brands rejects Cutrale-Safra bid, (NYSE: CQB)

Chiquita Brands International Inc rejected a takeover offer from juice maker Cutrale and investment firm and Safra Group and said it would go ahead with a deal with Irish tropical fruit company Fyffes Plc. Chiquita's shares fell 1.2 percent in after-market trading on Thursday.Cutrale and Safra offered to acquire the banana producer in a $610.5 million cash deal on Monday, two months after Fyffes struck an all-stock deal worth $526 million to acquire Chiquita.Chiquita said the Cutrale-Safra "inadequate" and that it would not hold negotiations with the groups "at this time."

Chiquita Brands International, Inc. (CBII), along with its subsidiaries, is an international marketer and distributor of bananas and other fresh produce, sold under the Chiquita and other brand names in 70 countries, and packaged salads sold under the Fresh Express and other brand names primarily in the United States. Shares of CQB traded higher by 0.67% or $0.09/share to $13.51. In the past year, the shares have traded as low as $9.24 and as high as $13.68. On average, 493794 shares of CQB exchange hands on a given day and today's volume is recorded at 1014225.