NEW YORK – An investor group representing rival bidders is asking shareholders of Chiquita Brands to vote against the banana company's proposed combination with Irish produce distributor Fyffes.
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Cavendish Global said Friday it has filed preliminary documents to solicit Chiquita shareholder votes against a Chiquita-Fyffe merger and in favor of adjourning a special meeting of shareholders on Sept. 17.
Cavendish was formed by investment firm Safra Group and Brazilian agribusiness and juice company Cutrale Group.
Their filing comes a day after Chiquita rejected a $611 million buyout offer from Safra-Cutrale.
Chiquita Brands International Inc. says the offer is not in the best interest of shareholders.
Instead, it is pursuing a merger with Fyffes. The two companies agreed in March to merge in a stock-for-stock deal to create the world's biggest banana supplier.