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Showing results for Fyffe Foodland, Inc.
...Shareholders in Total Produce, which was formed in 2006 by a demerger from tropical fruit group Fyffes, will receive 82.5 per cent of shares in the new Ireland-incorporated entity, Dole plc, while Castle...
...Banana giant Fyffes has made a fresh run at the Canadian mushroom industry....
...It said on Monday that “a protracted process is not in the interests of Fyffes’ business and shareholders”....
...Fyffes also argues that it would provide more long-term value....
...However, it is likely not the end of Fyffes’ dealmaking days, he said....
...David McCann, Fyffes executive chairman, said: “The combination of Chiquita and Fyffes is strategic and compelling, creating the number one banana company globally, with synergies that can only be achieved...
...In a filing with the US Securities and Exchange Commission released on Tuesday, Fyffes claimed that Cutrale and Mr Safra “have sought to create the false impression that Fyffes shareholders . . . will allow...
...At $14.50 a share the Brazilian offer is a 34 per cent premium to Chiquita’s closing price before the announcement of the Fyffes merger in March....
...The sale brings to an end a fierce three-month campaign against Ireland’s Fyffes, which had been planning to merge with Chiquita to create the world’s biggest banana group by sales....
...Chiquita’s board approved the agreement after shareholder’s last week rejected the company’s recommendation that it merge with Fyffes....
...Fyffes’ fans claim not to care if the merger stalls. They argue Chiquita needs Fyffes more than Fyffes needs Chiquita....
...Last week Fyffes made a presentation to investors estimating that Chiquita-Fyffes shares could be worth $21 by 2016....
...That is a possibility for Chiquita Brands, a US banana company, whose planned $1.3bn merger with Dublin-based Fyffes is being challenged by a rival offer from Brazil’s Cutrale and Safra families....
...The hopes of the Fyffes clan in Dublin must be high....
...“The Fyffes-Chiquita deal is not off the table,” he said....
...Up until Monday morning this week, the merger between Chiquita and Fyffes was presumed to be a done deal....
...That deal valued Fyffes at $526m and Chiquita, which is larger than Fyffes, planned to target $40m in savings. Fyffes shares slid 15 per cent in Dublin trading to €0.919 on the news....
...The food producer turned down the bold all-cash bid from Brazil’s Safra and Cutrale groups on Thursday, saying that it intended to stick to its original plan of merging with Ireland’s Fyffes....
...Fyffes and Chiquita had a better chance of weathering those market forces together. If Cutrale and Mr Safra buy Chiquita, Fyffes will have to rethink its strategy....
...The merger of Chiquita and Fyffes to create the world’s largest banana company was gatecrashed on Monday by two of Brazil’s wealthiest families....
...Chiquita shares fell 1 per cent to $13.60 while Fyffes shares trading in London fell 3 per cent to 77.15p....
...So is the oddly constructed merger between the Irish and US banana companies Fyffes and Chiquita....
...It sold Fyffes to Fruit Importers of Ireland in 1986....
...Announcing the deal on Monday, Ed Lonergan, Chiquita’s chief executive, said: “We have always identified Fyffes as a fantastic partner....
...Lazard is lead financial adviser to Fyffes....
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