Chiquita Brands International Inc.NYSE
Fri, Jun. 3, 2:47 AM
- Executives at Chiquita Brands (NYSE:CQB), the banana label owner that pleaded guilty in 2007 to making payments to Colombian paramilitary groups, have been ordered to face U.S. lawsuits claiming they played a role in the torture or killings of thousands of Colombians.
- Relatives of victims, who say one of the groups murdered supporters of anti-government guerrillas, can pursue their claims under the Torture Victim Protection Act.
Nov. 6, 2014, 8:07 AM
- Chiquita Brands (NYSE:CQB): Q3 EPS of -$0.38 misses by $0.29.
- Revenue of $739M (+2.2% Y/Y) beats by $3.8M.
Oct. 24, 2014, 9:39 AM
- The official announcement is in from Chiquita Brands (NYSE:CQB).
- Shareholders reject a plan to merge with Fyffes and will enter discussions with Cutrale/Safra on their pending $14.50 offer.
Oct. 24, 2014, 9:36 AM
Oct. 24, 2014, 8:09 AM
Oct. 23, 2014, 11:32 AM
- Cutral-Safra ups its offer price on Chiquita Brands (CQB +7.8%) to $14.50 per share.
- A previous offer of $14.00 per share was rejected by the company.
Oct. 23, 2014, 9:10 AM
Oct. 20, 2014, 10:36 AM
- Proxy firm ISS advises Chiquita Brands (CQB -0.6%) shareholders to vote for the proposed merger with Fyffes.
- The value of a Chiquita-Fyffes combination outweighs the higher deal price of the Cutrale/Safra bid, according to ISS.
Oct. 17, 2014, 3:54 PM
- Grupo Cutrale and Safra Group reportedly will not consider raising their $14/share offer for Chiquita Brands (CQB -1.4%).
- Cutrale-Safra will walk away from the deal if CQB shareholders vote for a planned merger with Fyffes (OTC:FYFFF) at a special meeting on Oct. 24, according to a Reuters report.
- CQB's board said yesterday that Cutrale-Safra's offer was not adequate and asked shareholders to back the Fyffes tie-up.
Oct. 16, 2014, 4:39 PM
- Chiquita's (NYSE:CQB) board rejects the $14/share offer from Cutrale and Safra Group as inadequate, and reaffirms its recommendation that shareholders vote to combine with Fyffes.
- CQB believes the implied present value of the future share price range of ChiquitaFyffes is $15.46-$20.01 based on EBITDA growth during 2015 of 5%-15% and an EBITDA multiple range of 7x-8x.
Oct. 15, 2014, 10:04 AM
Oct. 3, 2014, 10:25 AM
- Chiquita Brands (CQB +0.9%) and Fyffes say they have received clearance from the European Commission to merge.
- Some concessions made to the EC won't limit any synergy opportunities derived from the combination, according to the companies.
Sep. 23, 2014, 3:45 AM
- Under Treasury Secretary Jack Lew’s crackdown on inversions, the Treasury Department announced new tax rules late yesterday to deter U.S. companies from moving their domicile to countries with lower tax rates.
- The tax changes make it harder for companies to complete overseas mergers, and should they choose to invert, companies will face a hard time using the cash accumulated abroad.
- The new rules are effective immediately and apply to all deals that have not closed by yesterday.
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Sep. 16, 2014, 9:20 AM
- Chiquita Brands (NYSE:CQB) says it will consider making concessions in order to see its merger with Fyffes fly with the European Commission.
- Due to ongoing negotiations on the matter, the EC's Phase 1 review timetable has been pushed back by ten days to October 3.
Sep. 10, 2014, 12:08 PM
- Chiquita Brands (CQB +0.8%) says it entered a confidentiality agreement with Cutrale Group and Safra Group which will allow talks on a potential buyout to progress.
- The company originally resisted the overture from the Brazilian firms, but has reversed course in the face of pressure from shareholders.
Sep. 8, 2014, 7:14 AM
- Chiquita Brands (NYSE:CQB) announces it was granted a waiver by Fyffes that will allow it to engage in talks with Cutrale Group and the Safra Group.
- A special meeting of shareholders has been postponed until October 3.