Juice maker Cutrale Group and Brazilian investment firm Safra Group said on Monday they have offered to acquire Chiquita Brands International Inc in a cash deal 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.The two companies also said their proposal had been sent to Chiquita's board of directors and urged the company to enter negotiations that will lead to the signing of a definitive transaction agreement.The offer comes as Chiquita is attempting to close a merger with Irish tropical fruit company Fyffes PLC, which the two companies announced in March.
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 31.21% or $3.14/share to $13.20. 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 2932813.
Source
