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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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September 2, 2014
08:40 EDTCQBChiquita Brands says Cutrale/Safra $13 per share offer not a 'superior' proposal
Chiquita Brands announced it is mailing a letter to its shareholders that highlights key parts of a presentation the company filed with the SEC in which Chiquita "sets the record straight" regarding the "flawed and misleading" statements made by the Cutrale Group and the Safra Group in connection with Chiquita's proposed combination with Fyffes plc. According to Chiquita, the $13 per share offer does not constitute a "Superior Proposal" and the Board will not negotiate a sale of the company at an inadequate price. Chiquita added that Cutrale / Safra has had the opportunity to revise its proposal and has chosen not to do so and "there is no reason to delay or risk the ChiquitaFyffes transaction."
August 28, 2014
17:38 EDTCQBChiquita Brands holders urged to vote Cutrale-Safra GOLD Proxy Card
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August 27, 2014
15:09 EDTCQBCutrale-Safra says Chiquita board irresponsible in promoting Fyffes transaction
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09:30 EDTCQBChiquita Brands' board recommends shareholders vote for transaction with Fyffes
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05:30 EDTCQBChiquita Brands, Fyffes now see $60M of annualized pre-tax cost savings
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August 26, 2014
05:44 EDTCQBChiquita Brands announces share acquisition ny executive officers
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