Chiquita Brands International has said it will study the takeover bid for the producer giant from juice maker Cutrale Group and Brazilian investment firm Safra Group.

Yesterday, Cutrale and Safra announced they had put together an offer worth US$13 a share.

The bid valued Chiquita, which has been preparing to merge with Ireland-based fruit group Fyffes, at US$611m. However, The suitors said the bid was “a highly compelling premium” to how the market values the proposed transaction with Fyffes.

The bidders said their offer was a 29% premium on the planned deal, based on Chiquita’s closing share price of US$10.06 on Friday.

In response, Chiquita issued a statement to say t will “carefully review and consider the offer to determine the course of action that it believes is in the best interests of the company and its shareholders”. Chiquita asked investors to “take no action at this time and to await the board’s recommendation”.

Chiquita, which is set to own the majority stake in the combined ChiquitaFyffes, added: “We continue to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes plc.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Cutrale and Safra said they could close their transaction before the end of the year. The companies said that timetable was “within the same timeframe” Chiquita had indicated for the Fyffes deal “but without the execution risk and uncertainty inherent in that transaction”.