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News & Insights

Cutrale Group and Safra Group’s $1.3 Billion Acquisition of Chiquita

October 28, 2014

On October 27, 2014, Chiquita Brands International Inc. (“Chiquita”) and the Cutrale Group and the Safra Group announced a definitive merger agreement under which Cutrale‑Safra has agreed to acquire all the outstanding common shares of Chiquita for $14.50 per share in cash, or a total value of approximately $1.3 billion, including the assumption of Chiquita’s net debt. Cravath represented the Cutrale Group and the Safra Group in this transaction, which has been unanimously approved by the Chiquita Board of Directors and is expected to close by the end of the year or early 2015, subject to the satisfaction of customary closing conditions and regulatory approvals. Upon closing of the transaction, Chiquita will become a wholly owned subsidiary of Cutrale‑Safra and remain incorporated in New Jersey.

This definitive merger agreement follows a successful proxy solicitation by Cutrale‑Safra against the business combination transaction Chiquita entered into with Fyffes in March 2014. On August 11, Cutrale‑Safra proposed to acquire all of the outstanding stock of Chiquita at a price of $13.00 per share in cash to Chiquita shareholders. On August 28, Cutrale‑Safra began soliciting proxies against the Chiquita‑Fyffes transaction. On October 15, Cutrale‑Safra increased its offer to $14.00 per share in cash and on October 23 it increased its offer to $14.50 per share in cash. The following day, Chiquita announced that its shareholders had voted down the Fyffes transaction, and Chiquita and Fyffes terminated the Chiquita‑Fyffes transaction agreement.

The Cravath team was led by partners Richard Hall and Andrew R. Thompson and included associates Bomi Lee and Matthias M. Pitkowitz on M&A matters; partner James C. Vardell III and senior attorney Kimberly A. Grousset on banking matters; partner Christopher K. Fargo on tax matters; partner Eric W. Hilfers and associates Jonathan J. Katz and Julia L. Onorato on executive compensation and benefits matters; senior attorney Annmarie M. Terraciano on environmental matters; partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters; partner John D. Buretta and associates Megan Y. Lew and Owen J.M. Roth on regulatory matters; and practice area attorney Robin C. Landis on antitrust matters. Lee M. Blum also worked on M&A matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Executive Compensation and Benefits
  • Environmental
  • Intellectual Property
  • Antitrust
  • Antitrust
  • Consumer Products and Services

People

Photo
Name
Richard Hall
Title
Corporate
Title
Partner
Email
rhall@cravath.com
Phone
+1-212-474-1293
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    Education

    • LL.M., 1988, Harvard Law School
    • LL.B., 1986, University of Melbourne
      with Honors
    • B.Com., 1984, University of Melbourne
      with Honors

    Admitted In

    • New York
    Photo
    Name
    Christopher K. Fargo
    Title
    Tax
    Title
    Partner
    Email
    cfargo@cravath.com
    Phone
    +1-212-474-1236
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      Education

      • J.D., 2006, Columbia Law School
        Harlan Fiske Stone; Michael Lynne Scholar
      • B.A., 2003, Boston College
        Honors Program, cum laude

      Admitted In

      • New York
      Photo
      Name
      Eric W. Hilfers
      Title
      Executive Compensation and Benefits
      Title
      Partner
      Email
      ehilfers@cravath.com
      Phone
      +1-212-474-1352
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        Education

        • J.D., 1998, University of Chicago Law School
          with Honors
        • A.B., 1995, Princeton University

        Admitted In

        • New York
        Photo
        Name
        David J. Kappos
        Title
        Corporate
        Title
        Partner
        Email
        dkappos@cravath.com
        Phone
        +1-212-474-1168
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          Education

          • J.D., 1990, University of California, Berkeley, School of Law
          • B.S., 1983, University of California, Davis
            summa cum laude

          Admitted In

          • New York
          • California
          • District of Columbia
          Photo
          Name
          Jonathan J. Katz
          Title
          Executive Compensation and Benefits
          Title
          Partner
          Email
          jkatz@cravath.com
          Phone
          +1-212-474-1538
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            Education

            • LL.M., 2013, New York University School of Law
            • J.D., 2007, Benjamin N. Cardozo School of Law
              Order of the Coif, Dean's Distinguished Scholar, summa cum laude
            • B.S., 2003, Cornell University

            Admitted In

            • New York
            Photo
            Name
            Kimberly A. Grousset
            Title
            Corporate
            Title
            Of Counsel
            Email
            kgrousset@cravath.com
            Phone
            +1-212-474-1694
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              Education

              • J.D., 1995, Harvard Law School
                cum laude
              • B.A., 1992, St. Bonaventure University
                summa cum laude

              Admitted In

              • New York
              Photo
              Name
              Annmarie M. Terraciano
              Title
              Corporate
              Title
              Senior Attorney
              Email
              aterraciano@cravath.com
              Phone
              +1-212-474-1366
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                Education

                • J.D., 1998, Columbia Law School
                  Harlan Fiske Stone Scholar
                • M.S., 1994, University of Wisconsin - Madison
                • B.A., 1989, Wellesley College
                  cum laude

                Admitted In

                • New York

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