Dive Brief:
- Cutrale Group and Safra Group officially agreed Monday to merge with Chiquita in a $1.3 billion deal.
- This merger comes just days after the Brazilian investors re-upped their offer to Chiquita, who rejected Ireland's Fyffes Friday.
- Chiquita's shareholders will receive $14.50 per share, placing the company's value around $680 million.
Dive Insight:
As predicted, Chiquita had to act fast since the new Cutrale-Safra offer expired Monday. Safra Group's history of solid investments suggest this was a smart move for all parties.