US-based Chiquita Brands International has confirmed that it has received an unsolicited offer from Cutrale Group and Safra Group to acquire all of the outstanding common stock of the company at a price of $13 per share in cash.
The offer is valued at $610.5m for the marketer and distributor of value-added food products.
Chiquita noted that it will not comment on the offer until the board has completed its review.
In March 2010, Chiquita has signed a definitive merger agreement with Fyffes, under which the company would combine with Fyffes in a stock-for-stock transaction.
Upon closing of the transaction, Chiquita shareholders will own around 50.7% of ChiquitaFyffes and Fyffes shareholders will own around 49.3% of ChiquitaFyffes, on a fully diluted basis.
The deal is said to create around $4.6bn annual revenues to Chiquita.
Goldman Sachs is acting as lead financial adviser to Chiquita, while Skadden, Arps, Slate, Meagher & Flom LLP, McCann FitzGerald and Taft Stettinius & Hollister are acting as legal counsel to Chiquita.
Chiquita Brands markets and distributes nutritious and value-added food products, including energy-rich bananas, blends of convenient green salads, other fruits and healthy snacking products.
