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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 16, 2014
08:08 EDTCQBChiquita Brands, Fyffes working to obtain Phase I clearance from EC by Oct. 3
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September 10, 2014
09:37 EDTCQBChiquita Brands signs confidentiality agreement with Cutrale/Safra
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September 8, 2014
07:07 EDTCQBChiquita Brands provides update to holders
Chiquita Brands announced that it has postponed the Special Meeting of Shareholders to vote on the proposed transaction with Fyffes to October 3. The meeting had been scheduled for September 17. In addition, Fyffes proposes to seek adjournments of the Court Meeting and EGM convened for September 17 and, subject to any direction of the Irish High Court, to reconvene such meetings for October 3. The company also announced Fyffes has granted Chiquita a waiver that permits Chiquita to engage in discussions with the Cutrale Group and the Safra Group. Accordingly, Chiquita has sent a letter to Cutrale / Safra indicating its willingness to offer to Cutrale / Safra the opportunity to conduct focused due diligence and present its final and best offer. Chiquita does not expect to update the market with any further information unless and until the Board has reached a decision on a definitive course of action. In the interim, Chiquita continues to recommend that its shareholders vote "FOR" the Fyffes transaction and the other proposals on the WHITE proxy card.
September 5, 2014
12:52 EDTCQBChiquita Brands 'disappointed' with reports issed by proxy advisory firms
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