Deals
Chiquita Agrees to Cutrale-Safra Buyout for $681 Million
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Chiquita Brands International Inc. agreed to be bought by Brazil’s Cutrale Group and Safra Group for about $681 million, three days after shareholders rejected its plan to buy another banana producer in a tax inversion.
The bidders said today they will pay $14.50 for each share of Charlotte, North Carolina-based Chiquita, which traces its roots to an 1870 shipment of Jamaican bananas to New Jersey. That’s 44 percent more that Chiquita’s closing share price on Aug. 8, the last trading day before the initial proposal from Cutrale and Safra.