Just months after Chiquita Banana agreed on a merger with Ireland food company Fyffes, a deal that would create the world’s largest banana producer, reports say Chiquita has now received a rival offer.
Florida-based juice company Cutrale Group and Brazil-based investment firm Safra Group have reportedly submitted a joint bid for Chiquita that values the company at $610.5 million. Reports say their offer is contingent upon Chiquita terminating its agreement with Fyffes.
Cutrale reportedly sent a letter to Chiquita arguing that their deal could be completed within their original time frame for the Fyffes deal “without the execution risk and uncertainty inherent in that transaction.”
US officials have already approved of the $1 billion merger between Fyffes and Chiquita.
Full content: Irish Times
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