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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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October 28, 2014
08:15 EDTFDPFresh Del Monte reports Q3 Bananas revenue increased 5%
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08:08 EDTFDPFresh Del Monte reports Q3 EPS 35c, consensus 29c
Reports Q3 revenue $884.6M, consensus $898.1M. The company said, "The increase for the quarter was driven by higher net sales in the company's banana and other fresh produce business segments, primarily due to increased sales volume of bananas and pineapples in North America and higher worldwide banana selling prices."
October 27, 2014
08:09 EDTCQBCutrale-Safra to acquire Chiquita for $14.50 per share cash
Chiquita Brands International and the Cutrale-Safra group announced a definitive merger agreement. Under the merger agreement, which has been unanimously approved by the Chiquita board of directors, Cutrale-Safra will acquire all outstanding common shares of Chiquita for $14.50 per share in cash. The $14.50 per share consideration to be received by Chiquita shareholders represents a 33.8% premium to Chiquita's closing price on March 7, the last trading day prior to the announcement of Chiquita's transaction with Fyffes plc. The transaction is valued at approximately $1.3B, including the assumption of Chiquita's net debt. The merger agreement between Cutrale-Safra and Chiquita provides for Cutrale-Safra to commence a tender offer and following the closing of the tender offer to acquire all remaining shares through a merger. The transaction is not subject to any financing conditions. The transaction is expected to close by the end of the year or early 2015. Following the close of the transaction, Chiquita will become a wholly owned subsidiary of the Cutrale-Safra group, and remain incorporated in New Jersey.
October 24, 2014
12:36 EDTCQBChiquita downgraded to Hold from Buy at BB&T
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10:15 EDTCQBHigh option volume stocks
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09:31 EDTCQBChiquita shareholders vote down merger with Fyffes
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09:28 EDTCQBChiquita says shareholders reject merger with Fyffes
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07:10 EDTCQBChiquita considered Cutrale/Safra offer, reaffirms Fyffes merger recommendation
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October 23, 2014
12:50 EDTCQBWynnefield affirms support of Chiquita takeover by Cutrale-Safra
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10:13 EDTCQBChiquita says board will 'carefully review' new Cutrale/Safra offer
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09:03 EDTCQBCutrale-Safra raises buyout offer for Chiquita to $14.50 per share
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08:55 EDTCQBCutrale-Safra raises Chiquita acquistion offer to $14.50 per share from $14
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October 21, 2014
12:29 EDTCQBChiquita retiterates 'value' of combination with Fyffes
Chiquita Brands reiterated the value of Chiquita's combination with Fyffes and set the record straight regarding the inaccurate and misleading statements made by the Cutrale Group and the Safra Group in an attempt to support its inadequate $14.00 per share offer to acquire Chiquita. The company said, "The strategic benefits of the Chiquita/Fyffes merger are clear and allow Chiquita shareholders to participate in the significant upside potential of the combined organization. Chiquita shareholders will share access to $62M of Fyffes EBITDA and share in $60M of identified, third party reviewed synergies in the combined company with clear and actionable steps identified in each synergy area. Chiquita shareholders will also retain the option to sell ChiquitaFyffes at a premium in the future."
October 20, 2014
10:30 EDTCQBISS recommends Chiquita shareholders vote for combination with Fyffes
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08:52 EDTCQBWynnefield rejects Chiquita-Fyffes proposal
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October 17, 2014
15:51 EDTCQBCutrale-Safra not considering raising $14-per-share Chiquita offer, Reuters says
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14:50 EDTCQBCutrale-Safra not considering raising $14-per-share Chiquita offer, Reuters says
09:43 EDTCQBChiquita to host special shareholder meeting
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