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Chiquita gets buyout offer from Safra, Cutrale

Banana company could move headquarters to Ireland for tax reasons.
Oklahoman Published: August 12, 2014

— Chiquita Brands has received a buyout offer worth about $611 million from investment firm Safra Group and the Brazilian agribusiness and juice company Cutrale Group.

Safra and Cutrale are offering $13 per share, a 29 percent premium to Chiquita Brands International Inc.’s closing price of $10.06 on Friday.

The unsolicited bid comes as Chiquita and Fyffes of Ireland were working on their own transaction. The two companies agreed in March to merge in a stock-for-stock deal to create the world’s biggest banana supplier. Chiquita’s headquarters would move from Charlotte, N.C., to Dublin, a more tax-efficient corporate base.

Associated Press