Chiquita and Fyffes Announce Revised Transaction Agreement
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September 26, 2014 9:38 AM EDT
Cutrale-Safra commented today on the joint statement issued earlier by Chiquita Brands (NYSE: CQB) and Fyffes:
Cutrale-Safra is moving forward with its due diligence and expects to make its offer as expeditiously as possible. The revised Chiquita Fyffes transaction values the combined entity at $11.82 per share, based on unaffected stock trading prices, which is well below the $13 all cash certain Cutrale-Safra proposal. Furthermore, by adjourning rather than postponing the special meeting of its shareholders to October 24, the Chiquita board intentionally has disenfranchised a substantial number of present shareholders as... More
September 26, 2014 5:57 AM EDT
Chiquita Brands (NYSE: CQB) and Fyffes plc announced that the Boards of Directors of both companies have unanimously approved a revised agreement for the proposed combination of Chiquita and Fyffes (the "Combination").
Under the terms of the amended agreement, Fyffes shareholders will now receive 0.1113 ChiquitaFyffes shares for each Fyffes share they hold and Chiquita shareholders will receive one ChiquitaFyffes share for each Chiquita share that they hold upon completion of the Combination. At that time, Chiquita shareholders are expected to own approximately 59.6% of ChiquitaFyffes, an increase from 50.7% under the previous agreement, and Fyffes... More
