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ISS Recommends Fyffes Offer To Chiquita

By square1
ISS Recommends Fyffes Offer To Chiquita

The Institutional Shareholder Services (ISS) has reversed its previous recommendation for Chiquita to accept the cash offer from Brazil’s Cutrale-Safra, and now says the revised offer from Irish rival Fyffes is the best deal.

ISS said: “ISS has concluded that the Cutrale-Safra offer [...] does not provide sufficient compensation to Chiquita shareholders to warrant giving up on the potential upside of the revised Fyffes transaction.”

The revised offer from Fyffes, worth $11.80 per share stock, gives Chiquita shareholders more control of the combined company.

Chiquita shareholders are due to vote on the merger on Friday, with Fyffes shareholders voting next Monday.

© 2014 - Checkout Magazine by Emily Horne

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