Cutrale-Safra Requests the Shareholders of Chiquita to Initiate a Proxy Fight

.

Cutrale-Safra Requests the Shareholders of Chiquita to Initiate a Proxy Fight

The Brazilian combo of Cutrale-Safra Group had an initiated a bid for Chiquita Brands International Inc. that was rejected by management of the brand. On Thursday contender duo took initial steps to initiate a proxy tussle in its unreceptive takeover attempt.

Cutrale the Brazilian juice maker and Safra Group which is a banking and real estate conglomerate have teamed up together and to make an offer of $610.5 million in cash for the banana producer based in the United States. On Monday they asked the Chiquita shareholders to vote against an intended merger that is in progress with Fyffes Plc, an Irish tropical fruit company. The pair also asked the shareholders to adjourn a shareholder meeting that has been planned for the special purpose on September 17.

Cutrale has faced a tough time for years with the falling consumption of its orange juice all over the world and is trying to expand its avenues through other products and enter new markets. Analysts say that Safra Group which is controlled by Joseph Safra a Brazilian-Lebanese financier will be financial muscle behind Cutrale and will give it a hand in outbidding Fyffes.


Latest News

Fourth Quarter Loss Posted by Walgreen
Steve Wynn, Casino Magnate Says Gambling Industry is not about Slot Machines
News Corp. to Buy Move Inc. for $950 million
Will PayPal soon Look for Mergers with Mobile Payment Services to fight Competit
Ford Shares Drop With Profit Concerns
Dominion LNG Export Project Gets Green Signal from FERC
Second Quarter Shows Fastest Growth of U.S Economy
Stronger Safeguarding Rules for Service Members Against Predatory Lenders
Yahoo Urged to Buy Rival AOL Inc.
Slowing Down of Inflation May Make it Difficult for BOJ to Achieve its Target
B.K. Modi’s CIO Plans to Start Pre-IPO Fund
American Soda makers Promise to Trim Twenty Percent Calories by 2025