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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