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Stock Market & Financial Investment News

News Breaks
March 10, 2014
11:54 EDTCQB, FDPChiquita Brands rises after merger with Ireland's Fyffes
Shares of international produce distributor Chiquita Brands (CQB) are rising after the company announced that it plans to combine with Irish produce company Fyffes in a stock-for-stock transaction. WHAT'S NEW: Chiquita Brands and Fyffes announced that the boards of both companies have unanimously approved a definitive agreement under which Chiquita will combine with Fyffes in a stock-for-stock transaction. The deal is expected to result in Chiquita shareholders owning approximately 50.7% of the new company, named ChiquitaFyffes, and Fyffes shareholders owning approximately 49.3% on a fully diluted basis. The agreement creates a global company with approximately $4.6B in annual revenues. Chiquita and Fyffes plan to complete the transaction before the end of the year. WHAT'S NOTABLE: During its conference call to discuss the deal, Chiquita Brands said ChiquitaFyffes will be the largest player in the banana market globally after the merger. The company said it will also have strong positions in packaged salads and healthy snacks, melons and pineapples. The new company will have a balanced market presence in North America and Europe, with pro forma revenues of 47% and 46% respectively, and expects to generate 7% of pro forma revenue outside of North America and Europe, primarily in the Middle East, Eastern Europe, Russia and Asia. OTHERS TO WATCH: Fresh Del Monte (FDP) is a producer, marketer and distributor of fruit and vegetables and is a competitor to Chiquita Brands globally. PRICE ACTION: During late morning trading, shares of Chiquita Brands were up about 12% to $12.13. Fresh Del Monte shares were up fractionally to $27.51.
News For CQB;FDP From The Last 14 Days
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December 9, 2014
15:45 EDTCQBGabelli raises stake in Chiquita to 8.16% from 6.52%
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December 8, 2014
09:01 EDTFDPFresh Del Monte announces results of modified Dutch auction tender offer
Fresh Del Monte Produce announced the final results of its modified Dutch auction tender offer, which expired at 11:59 p.m., New York City time, on December 2. Pursuant to the terms of the tender offer, the company offered to purchase ordinary shares having an aggregate purchase price not exceeding $175M. The company has accepted for purchase 2,363,996 ordinary shares, at a purchase price of $34.50 per share, for an aggregate purchase price of approximately $81.6M, excluding fees and expenses relating to the tender offer. These ordinary shares represent approximately 4.2% of the total number of the company’s ordinary shares issued and outstanding as of November 30. In accordance with the terms and conditions of the tender offer, the company accepted for purchase all of the ordinary shares validly tendered and not validly withdrawn prior to the expiration of the tender offer. The depositary will promptly pay for the ordinary shares accepted for purchase and will return all other ordinary shares tendered.

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