Cutrale and Safra Group complete tender for Chiquita
Eds: Recasts first two paragraphs to correct description of Safra Group
NEW YORK (AP) — Safra Group and Brazil’s Cutrale have completed their tender offer for banana producer Chiquita Brands International Inc.
Chiquita, based in Charlotte, North Carolina, agreed in October to be acquired by investment firm Safra Group and juice company Cutrale Group for approximately $681 million, or $14.50 per share.
The companies had put the transaction’s value at about $1.3 billion, including the assumption of Chiquita’s debt.
Safra and Cutrale said Tuesday that affiliate Cavendish Acquisition Corp. completed the tender offer for all of Chiquita’s outstanding stock. The tender offer expired on Monday. Approximately 84.46 percent of Chiquita’s outstanding shares were validly tendered in the offer.
Once all the details of the transaction are finished, Chiquita will go private and become a subsidiary of the Cutrale-Safra Group.