Renowned juice maker firm Cutrale and investment firm Safra Group say they have proposed a tender to take possession of the US based Chiquita Brands International in a $6.10m cash deal that rivals the Irish tropical fruit company Fyffes.
Cutrale and Safra both based in Brazil, Cutrale a juice maker company and Safra a global Banking and a real estate group with a strong hold in Brazil said they were paying $13 a share in hard cash to Chiquita shareholders, a 29% bonus to Chiquita’s closing price on Friday.
Chiquita is attempting to shut down its coalition with Fyffes, which was previously announced in March. The combined price cost of Chiquita and Fyffes is currently approximately $1 bn.
A shot up of more than 30% in shares of Chiquita was announced in response to the competing offer. New York Stock Exchange listed it at $13.30 at the closing of the day which exceeded the offer price $13, suspecting a conflict among its investors in bidding.
Reduced consumption of orange juice globally led Cutrale to expand its venture into other products and geographies like the grain trading in recent years.
The Curtales rising into fame and creating vast wealth is a bit conscious with its strong reputation it held. A recent fall down surfaces in media due to slashing down of the business after the major frost destroyed Florida’s citrus crop.
Safra held a strong roots in Brazil, while Safra’s niche has been in Banking but it didn’t confined into this instead expanded its wealth by investing into pulp and paper, telecommunications, cattle ranching and global real estate.
Both groups stated that their offer has been sent to Chiquita’s board of directors and pleaded to come up with some definite takeover agreement. They are looking forward to have some response from Chiquita on Friday.
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