NEW YORK (AP) – Chiquita Brands International Inc. has agreed to sell itself to two Brazilian companies for approximately $681 million. The deal comes just days after the fresh produce company’s shareholders rejected plans to merge with Irish fruit importer Fyffes.
Chiquita said Monday that it will be acquired by the investment firm Safra Group and the juice company Cutrale Group for $14.50 per share, a 2 percent premium to its Friday closing price of $14.16.
The companies put the transaction’s value at about $1.3 billion, including the assumption of Chiquita’s debt.
Chiquita’s board unanimously approved the deal, which is targeted to close by the end of the year or in early 2015. Chiquita will become a subsidiary of the Cutrale-Safra group once the transaction is complete.
On Friday Chiquita and Fyffes PLC gave notice to terminate their proposed merger agreement after Chiquita’s stockholders didn’t approve a revised transaction agreement between the two companies during a special shareholders meeting. The proposed agreement with Fyffes was an all-stock deal, with the companies planning to incorporate in Dublin to take advantage of lower tax rates. Chiquita is based in Charlotte, North Carolina.