Cutrale Group, Safra Group Proposes To Buy Chiquita For $13 Per Share

(RTTNews) - Agribusiness company Cutrale Group and asset management firm Safra Group, has proposed to buy 100 percent of the outstanding stock of Chiquita Brands International, Inc. (CQB) for $13.00 per share in cash. This proposal represents a premium of 29 percent to Chiquita's closing share price of $10.06 as of August 8, 2014. The proposed price, including the assumption of Chiquita net debt, represents an 11.8 x multiple of Chiquita's last twelve months reported adjusted EBITDA.

The offer is not subject to any financing conditions. Cravath Swaine & Moore LLP is advising the buyers.