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

Report: Stock conditions for new iPhones at Apple retail stores will improve by
Apple’s new ‘macOS Sierra’ version brings Siri to desktop; unfolds several other
SquareTrade conducts dunk/drop tests on iPhone 7, iPhone 7 Plus, Galaxy Note 7
Samsung sued over exploded Galaxy Note 7 handset
Only 13% US Galaxy Note 7 users have exchanged their potentially explosive hands
Uber’s self-driving cars hit Pittsburg roads under a test program
Phil Schiller: Removal of headphone jack marks Apple’s desire for technological
Samsung, CPSC ask Galaxy Note 7 owners to stop using their handsets
Analyst: iPhone 7 will be packaged with EarPods which use Lightning connector
Spacecom may seek $50M or free flight from SpaceX to cover the cost of now-destr
Alphabet is shifting some Nest engineers to Google
Apple sued by iPhone 6 and iPhone 6 Plus owners affected by ‘Touch Disease’ prob