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Thursday, August 14, 2014

Cutrale and Safra examine options after Chiquita rejects bid, (NYSE: CQB)

Brazilian juice maker Cutrale and the Safra Group, a banking and real estate conglomerate, said late on Thursday they were "extremely disappointed" that the board of Chiquita Brands International Inc rejected their takeover offer, adding that they are "considering all alternatives."Earlier in the day, Chiquita's board reaffirmed it would recommend that the company's shareholders approve a merger with Irish tropical fruit company Fyffes Plc and said it would not provide financial information to Cutrale or Safra.Chiquita shares fell 1.2 percent in after-market trading on Thursday.Cutrale and Safra offered to purchase 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. Both the Cutrale Group and the Safra Group are privately held.

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 1019185.