Cutrale and Safra Groups have successfully completed their $14.50-a-share tender offer for Chiquita Brands International Inc., the Wall Street Journal said.
The companies said in a joint statement that 39.79 million shares of Chiquita common stock had been validly tendered, representing about 84.46% of the shares outstanding of Chiquita common stock, the report said.
“All conditions to the tender offer have been satisfied. Accordingly, Cutrale-Safra, through Cavendish Acquisition Corporation, has accepted for payment and will promptly pay for shares validly tendered and not validly withdrawn, ” Chiquita said in a press release, according to FreshFruitPortal.com.
At the end of December, the companies extended the tender offer to Jan. 5, after about 82.24% of shares outstanding were tendered by the initial Dec. 23 deadline, the Journal said.
In late October, Chiquita agreed to be acquired by the Brazilian orange-juice maker Cutrale Group and its investment-firm partner Safra Group for $742 million, according to the Journal.
The acquisition marks the entrance of Cutrale, run by “Orange King” Jose Luis Cutrale, into the banana industry. Safra has total assets under management of more than $200 billion and is controlled by banking billionaire Joseph Safra, the report said.
The deal would combine the Charlotte, N.C., company’s bananas and Fresh Express packaged salads with Cutrale’s oranges, apples and peaches, the Journal said.
The agreement came after Chiquita shareholders voted to reject a proposed $1.07 billion merger with Irish food company Fyffes PLC that would have created the world’s largest banana seller, according to the report.