Going bananas? Chiquita tells us what's wrong (with a $611m takeover bid)

Banana giant Chiquita has rejected a $611m bid from Brazillian juice maker Cutrale.

by Emma Haslett
Last Updated: 15 Aug 2014

Banana giant Chiquita has spurned the advances of a consortium including Brazillian juice maker Cutrale and banking and retail conglomerate the Safra Group, which has made a $611m (£366m) takeover offer. Either it's gone bananas, or the offer just isn't a-peeling.

Or perhaps its mind is elsewhere: after all, it is in the middle of trying to merge with Fyffes, which would form a business worth $1bn. In the fruit biz, that would make it top banana...

Cutrale and Safra made their offer on Monday, but so far Chiquita has resisted requests to provide them with financial information, saying the bid was 'inadequate' and 'not in the best interests of Chiquita and its shareholders'.

Instead, it chose to plug the Fyffes deal, which it first announced in March.

'Chiquitta remains committed to completing its transaction with Fyffes, which it believes will create a combined companiy that is better positioned to succeed in a highly competitive markeplace, while driving strong performance and value for shareholders,' it said.

Good to see the board isn't split..

Find this article useful?

Get more great articles like this in your inbox every lunchtime

When should you step down as CEO?

Bob Iger's departure poses an unpopular question for bosses.

The death and resurrection of the premium customer

Top-end service is no longer at the discretion of the management.

What HS2 can teach you about project failure

And how you can prevent projects going astray.

35 Women Under 35 2020: Nominations open

Management Today's 35 Women Under 35 showcases the country's rising stars in business. Here's how...

Practical steps for breaking silos

Briefing: Adam Williams, former CEO of influencer marketing agency Takumi, shares what he has learned...

The Power 50: Proof that you can be a part-time CEO

Just a few years ago, executives were reluctant to admit they worked part-time for fear...