Fyffes-Chiquita merger drama
A merger between Fyffes and Chiquita is still likely to be a more attractive option to shareholders at both fruit firms despite the latest effort by Cutrale-Safra to derail the planned marriage, according to Irish brokers.
Cutrale-Safra tabled a definitive cash offer of $14 per share for Chiquita on Wednesday, as it battles to take over the US fruit firm before it merges with Fyffes.
That offer is about 8pc, or $1, more than it was previously prepared to pay to buy Chiquita. It values Chiquita at $658m.
"We do not believe this offer blows the Fyffes transaction out of the picture like the sell-off in Fyffes' share price would suggest," Patrick Higgins from Goodbody Stockbrokers said.