NEW YORK (AP) – Safra Group and Brazil’s Cutrale completed their acquisition of Chiquita Brands International Inc Tuesday, taking the banana producer private.
Chiquita, based in Charlotte, North Carolina, agreed in October to be acquired by investment firm Safra Group and juice company Cutrale Group for about $681 million, or $14.50 per share.
The companies had put the transaction’s value at about $1.3 billion, including the assumption of Chiquita’s debt.
Safra and Cutrale said Tuesday that affiliate Cavendish Acquisition Corp completed the tender offer for all of Chiquita’s outstanding stock. The tender offer expired on Monday. About 84.5 per cent of Chiquita’s outstanding shares were validly tendered in the offer.
With the tender offer completed, the remaining shares not tendered were cancelled and Chiquita stock is being delisted from the New York Stock Exchange.
Chiquita, now a subsidiary of the Cutrale-Safra Group, said two executives would be leaving the company: Chief Executive Ed Lonergan and Chief Financial Officer Rick Frier. The company named its operating chief, Brian Kocher, as interim CEO.