Chiquita Brands Rejects Cutrale/Safra $14.50/share Offer

Chiquita Brands International said its board has rejected a $14.50 offer from Cutrale-Safra. In a statement Friday, the company said it continues to "believe in the long-term value" of its merger with Fyffes PLC . Cultrale-Safra -- the combination of a Brazilian orange juice maker and an investment firm -- raised its all-cash offer to $14.50-a-share, from an earlier offer of $14 a share. That higher bid came ahead of a vote by Chiquita's board on Friday over the Fyffes merger. In March, Chiquita offered to buy Fyffes for more than $500 million in an all-stock deal to create the world's biggest banana firm.