Published August 15, 2014
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.
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.