|By PR Newswire||
|August 14, 2014 06:36 PM EDT||
NEW YORK, Aug. 14, 2014 /PRNewswire/ -- The Cutrale Group and the Safra Group today said that they are extremely disappointed with the decision of Chiquita's Board to reject the Cutrale-Safra $13 per share all-cash proposal to acquire Chiquita and not to furnish information to or engage in discussions and negotiations with representatives of Cutrale-Safra regarding this proposal. The Board's decision is a continuation of its track record of shareholder value destruction. Accordingly, the Cutrale Group and the Safra Group are considering all alternatives to provide shareholders with the opportunity to send a clear message to the Chiquita Board that they should enter into discussions regarding the Cutrale-Safra proposal.
The Cutrale Group and the Safra Group stated, "Since the announcement of our proposal, the market clearly has recognized that our proposal provides greater and more certain value to Chiquita's shareholders than the previously reported Chiquita-Fyffes transaction. Chiquita shareholders' best interests are served by the Chiquita Board engaging in discussions with us. We have also made it clear that, if we are able to have prompt discussions with Chiquita and undertake due diligence, we would fully expect to complete our proposed transaction no slower than the timeframe that the Chiquita Board has announced for the Chiquita-Fyffes transaction."
Scott Winter / Arthur Crozier
Innisfree M&A Incorporated
About Cutrale Group
The Cutrale Group is one of the most highly regarded agribusiness and juice companies in the world. It is one of the world's leading orange juice processors for frozen concentrated orange juice and not-from-concentrate fresh juices, accounting for over one-third of the $5 billion orange juice market. The Cutrale Group's global business operations include oranges, apples, peaches, lemons and soybeans. Cutrale Group operations have a vast network and knowhow of farms, processing, technology, sourcing, distribution, logistics, and marketing of juices and fruits.
About Safra Group
The Safra Group is an international group of companies and assets controlled by Joseph Safra. The Safra Group, with assets under management of over $200 billion and aggregate stockholder equity of approximately $15.3 billion, operates banks and invests in other businesses across North and South America, Europe, the Middle East and Asia. Throughout these markets, Safra has deep, long-term relationships with major market participants, enabling it to greatly enhance the value of the competitive position of the businesses in which it invests.
SOURCE Cutrale Group; Safra Group