Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, August 11, 2014

Cutrale and Safra make offer for Chiquita Brands, (NYSE: CQB)

Juice maker Cutrale Group and Brazilian investment firm Safra Group said on Monday they had offered to acquire Chiquita Brands International Inc in a cash offer that valued the banana distributor's equity at $610.5 million. Cutrale and Safra said they would offer $13 per share in cash to Chiquita shareholders, a 29 percent premium to Chiquita's closing price on Aug. 8.

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 29.42% or $2.96/share to $13.02. In the past year, the shares have traded as low as $9.24 and as high as $13.68. On average, 329771 shares of CQB exchange hands on a given day and today's volume is recorded at 445210.