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Friday, October 24, 2014

Chiquita says sweetened Cutrale-Safra offer not superior, (NYSE: CQB)

Chiquita Brands International Inc said Brazilian juice maker Grupo Cutrale and investment firm Safra Group's sweetened offer was not superior to its proposed merger with Irish rival Fyffes Plc, which the banana producer's shareholders will put to a vote on Friday. Chiquita will only continue discussions with Cutrale-Safra, if its shareholders do not approve the merger with Fyffes, the company said in a statement.Cutrale-Safra raised its all-cash offer to $14.50 per share from $14 on Thursday, valuing Chiquita at about $682 million.Fyffes and Chiquita said recently that the implied value of their potential deal ranged from $15.46-$20.01 per share.Proxy advisory firm Institutional Shareholder Services said on Thursday that although it was reluctant to change its recommendation before the vote, Cutrale-Safra's revised offer might be "more compelling to some shareholders". The firm had earlier recommended the merger with Fyffes.

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 remained unchanged at $13.76. In the past year, the shares have traded as low as $9.24 and as high as $14.43. On average, 718766 shares of CQB exchange hands on a given day and today's volume is recorded at 0.