SAO PAULO, Oct 23 (Reuters) - Juice maker Grupo Cutrale and investment firm Safra Group on Thursday raised a definitive offer to acquire Chiquita Brands International Inc, in a new attempt to scuttle the U.S.-based company’s plans to combine with Irish rival Fyffes Plc.
Cutrale-Safra sweetened the all-cash offer to $14.50 per share from $14 on Oct. 15, valuing the company at about $682 million, or 12.5 times annual earnings before interest, tax, depreciation and amortization.
The updated proposal represents a premium of about 14 percent to Chiquita’s closing price on Wednesday, Cutrale-Safra said in a statement.
Cutrale-Safra added that their definitive offer for Chiquita would remain open until Oct 26. “There can be no assurance” that the proposal will be extended or a new one will be made upon the occurrence of an “offer termination” event, it added. Those events would include Chiquita’s special meeting to vote on the tie-up with Fyffes on Friday being adjourned, postponed, suspended or placed into recess. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)