August 14, 2014 / 8:50 PM / in 3 years

Chiquita Brands rejects Cutrale-Safra bid

(Reuters) - Chiquita Brands International Inc CQB.N rejected a takeover offer from juice maker Cutrale and investment firm and Safra Group and said it would go ahead with a deal with Irish tropical fruit company Fyffes Plc FFY.I.

Chiquita’s shares fell 1.2 percent in after-market trading on Thursday.

Cutrale and Safra offered to acquire the banana producer in a $610.5 million cash deal on Monday, two months after Fyffes struck an all-stock deal worth $526 million to acquire Chiquita.

Chiquita said the Cutrale-Safra “inadequate” and that it would not hold negotiations with the groups “at this time.”

Reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty

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