After Chiquita Brands International’s shareholder rejected the company’s planned merger with Ireland-based Fyffes Plc through a tax inversion deal, Grupo Cutrale and Safra Group will acquire Chiquita Brands for $14.50 per share in a deal that will value Chiquita at $1.3 billion. The per share price represents a 33.8% premium to Chiquita’s closing price on March 7, 2014 – the last day of trading prior to the announcement of the Fyffes merger. The deal will combine Chiquita Brands with Brazilian agribusiness and juice company, Grupo Cutrale which will offer its knowledge base in farming, processing, distribution, logistics and marketing, and the Safra Group which will bring its experience in investment and global business relationships. The deal which is expected to close by the end of 2014 or the beginning of 2015 is subject to gaining all regulatory approvals. Once completed Chiquita will become a fully owned subsidiary of the Cutrale-Safra group and will remain incorporated in New Jersey.
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