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Chiquita Brands Still Recommending Fyffes Merger Ahead Of Vote

Fri, 24th Oct 2014 13:10

LONDON (Alliance News) - Chiquita Brands International Inc on Friday said it was still recommending its shareholders vote in favour of its merger with Fyffes PLC today, following the increased USD14.50 per share bid made by Brazilian food companies Cutrale Group and Safra Group on Thursday.

Chiquita Chairwoman Kerrii Anderson and Chief Executive Officer Ed Lonergan, speaking in a statement issued ahead of the company's shareholder vote on the Fyffes deal today, said the board "continues to believe in the long-term value of the ChiquitaFyffes merger", adding it does not believe that the USD14.50 per share bid by Cutrale-Safra "is superiour to the potential combination".

The pair said that if its shareholders do not vote in favour of the ChiquitaFyffes merger, it does intend to continue discussions with Cutrale-Safra.

Cutrale-Safra upped its offer on Thursday, having seen its previously, also-increased USD14 per share bid rejected by Chiquita a week earlier.

Fyffes shares were up 0.4% to 0.994 pence on Thursday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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