Fyffes Share Discussion Threads

[leebong] 11/9/2014 14:39

According to BB&T Capital Markets analyst Brett M. Hundley, a Fyffes-Chiquita merger would result in a combined entity worth $14 to $17 per share and any company that is seeking to purchase Chiquita would have to offer a bid somewhere in that range to gain Chiquita’s approval.

This is further supported by the fact that Chiquita’s stock last closed at $13.96, representing a premium of 7% over the $13 bid offer by Cutrale and Safra Group. The premium represents a positive sentiment prevalent among investors that the two Brazilian groups will soon come up with a revised bid.

[leebong] 11/9/2014 12:29

Brazilians formally engage with Chiquita
Bid threatens to scupper Chiquita proposed $1 billion merger with Fyffes

Companies connected to the Brazilian billionaires Joseph Safra and Jose Luis Cutrale, who have made a bid for Chiquita that threatens to scupper its proposed $1 billion merger with Fyffes, yesterday announced they have formally engaged with the company.

Cutrale-Safra said it had withdrawn a threat to put forward a motion at an October shareholders meeting of Chiquita that would force the US company’s board to consider its $13 a share bid.

It said it would not seek proxies to force the board’s hand if Chiquita committed to seeking an adjournment of the October meeting of no more than 21 days.

Cutrale-Safra said it is “not tied” to a deadline of September 16th earlier placed upon it by Chiquita to complete due diligence and lodge a binding bid, but “will use its best efforts to [do so] as expeditiously as possible”.
The Brazilians said they had also entered into a confidentiality agreement with Chiquita, while they pore over its books as markets anticipated they could lodge a higher bid.

The merger, which was originally announced in March, was due to be put to a vote of Fyffes shareholders and Chiquita shareholders in Dublin at simultaneous meetings next Wednesday, but these meetings were postponed until October 3rd to give the US company a chance to engage with the rival bidder.
Merrion analyst David Holohan believes the merger could still go ahead unless Cutrale-Safra raises its bid for Chiquita to about $16 a share.

[battlebus2] 09/9/2014 18:32

Absurd lol. What's really absurd is a last minute spanner in the works offer :))

[leebong] 09/9/2014 16:12

Cutrale-Safra says Chiquita’s requirements for Brazilian companies are ‘absurd’
Sep 8, 2014, 1:43pm EDT UPDATED: Sep 8, 2014, 5:52pm EDT

Ken Elkins
Senior Staff Writer-
Charlotte Business Journal

The Brazilian companies interested in buying Chiquita Brands International Inc. say the banana company isn’t doing them any favors by opening itself to due diligence.

The Cutrale and Safra groups also say moving the date for Chiquita shareholders to vote on Chiquita’s pending purchase of Fyffes plc isn’t acceptable either.
“The conditions and timeline laid out by Chiquita for Cutrale-Safra are absurd and totally unacceptable,” the Brazilian companies state in a press release issued this morning.
See Also

Chiquita agrees to talk to Brazilian firms bidding for banana company
Institutional Shareholder Services says Chiquita should wait for better deal
Chiquita (NYSE:CQB) announced this morning that it would allow the Brazilians to determine if they want to follow through with their $13-per-share plan to buy Charlotte-based Chiquita. It also delayed the shareholders vote on the Fyffes deal to Oct. 3 from the original date of Sept. 17.

The rescheduled shareholders meeting will deprive current Chiquita stock owners of a vote on the Fyffes deal, since many of those shares have now changed hands, Cutrale-Safra says.

The Brazilian companies also complained that the Chiquita offer also would require them to agree to a restrictive standstill agreement that would prevent Cutrale-Safra from soliciting proxies from Chiquita shareholders.
Chiquita announced this morning that it would delay the shareholders meeting and open itself to due diligence. The announcement follows reports from two shareholder-advisory agencies that the Fyffes deal may not be in the best interest of Chiquita shareholders.

On Aug. 11, Cutrale and Safra made an all-cash offer to combine Chiquita with Cutrale’s juice business. Five months earlier — in March — Chiquita announced it planned to by Ireland-based Fyffes and base the combined company’s headquarters in Dublin.

Chiquita moved to Charlotte in 2012 and promised to keep its headquarters in Charlotte for 10 years in exchange for about $23 million in incentives. Chiquita and local government are reported to be renegotiating those incentives in light of the Chiquita-Fyffes deal.

Ken Elkins covers manufacturing, international business and economic development
for the Charlotte Business Journal.

Source:

[leebong] 08/9/2014 13:35

the EU Mergers and Take-over Commission are still due to announce their decision on 19th September.

[battlebus2] 08/9/2014 13:14

Sensible decision to adjourn imv, better to see what increase Cutrale come up with.
Meantime adding on the weakness.

[red army] 08/9/2014 13:10

Plus all of that commercial property that has been written off and yet to be added back in.

[battlebus2] 08/9/2014 12:14

It will also leaves others seeking mergers and who knows what price FFY in that scenario. All imv but as ever DYOR.

[leebong] 08/9/2014 12:05

If the CQB merger fails there are plenty of other candidates and options available. FFY makes a profit and has a growing market share. The financial Times are reporting a future target price of 1.4 Euro/ Share.

[battlebus2] 08/9/2014 12:01

Don't know why some are selling here, even if the deal doesn't go through Fyffes can stand on it's own two feet for a while. The last RNS tells me these are worth £1 either way.

[leebong] 05/9/2014 19:26

Chiquita Brands (CQB) Responds to Proxy Advisory Reports


September 5, 2014 12:53 PM EDT Send to a Friend
Get Alerts CQB Hot Sheet
Price: $13.73 +0.15%

Overall Analyst Rating:
NEUTRAL (Up Up)

Chiquita Brands International, Inc. (NYSE: CQB) today issued the following statement regarding reports issued by proxy advisory firms in connection with Chiquita's proposed combination with Fyffes plc.

"We are disappointed with the reports issued by the proxy advisory firms. The Chiquita Board continues to believe that the contingent and conditional $13.00 per share proposal from Cutrale / Safra is inadequate and that the long-term value of the proposed combination with Fyffes exceeds $13.00 per share."




Chiquita have today shown a large measure of business integrity. The merger with Fyffes will be transformational for both businesses. That will return real shareholder value by Q1/15 in excess of $20USD/Share because of cost savings, reduced Chiquita debt and the benefit of Fyffes expertise in structuring business. If then a take-over offer is made to the combination expect the share-price to exceed $23:50 USD/ share. It may be said that the ISS are colluding with Cutrale/ Safra to force a change of direction. Share holders should stand firm with the merger and reap huge benefits in 6 months time.

[leebong] 05/9/2014 18:04

The voting papers for both options were mailed out a week ago...why did'nt ISS voice it's opinion months ago...perhaps collusion with Cutrale. This is a wait and see stock who knows which way things will roll out. I would prefer Fyffes to merge with Total Produce or a business like that.

ISS not on board with Chiquita's deal for Fyffes
Sep 5 2014, 07:52 ET | About: Chiquita Brands Internation... (CQB) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip

ISS is recommending against Chiquita Brands' (NYSE:CQB) deal to buy Fyffes, urging shareholders to vote to adjourn the Sept. 17 meeting to push the company's board to negotiate with a rival bidder.Adjourning the meeting "appears to be the most robust option available to Chiquita shareholders to pursue a potentially higher offer," ISS says.CQB's board rejected a bid last month from Cutrale and Safra and has reaffirmed its support for the Fyffes deal.

[leebong] 04/9/2014 15:14

A date has not yet been set but if the EU allow the merger then it should happen within two weeks from the 19th September which may be week 1 October.

[thales1] 04/9/2014 14:11

Anyone know for sure when the last day of trading is on LSE for Fyffes?

[leebong] 04/9/2014 13:10

Banana prices per metric ton are holding steady and are set to rise as the summer season closes.

Jan 2014 928.42 0.33 %
Feb 2014 946.13 1.91 %
Mar 2014 966.85 2.19 %
Apr 2014 945.50 -2.21 %
May 2014 916.00 -3.12 %
Jun 2014 926.07 1.10 %
Jul 2014 930.82 0.51 %

[leebong] 04/9/2014 10:50

Banana battle enters a critical phase
What chance of a grand bargain where all three parties explore a Brazilian bid?

Cardboard shipping boxes containing bananas grown by Fyffes and Chiquitabrands. Photograph: Simon Dawson/Bloomberg

Thu, Sep 4, 2014, 01:25
First published:
Thu, Sep 4, 2014, 01:25

Many observers expected José Luis Cutrale and Joseph Safra, the Brazilian billionaires trying to stop the $1 billion merger between Fyffes and Chiquita in favour of their cash bid for the US company, to come back with a higher offer after the initial rejection from Chiquita’s board. But Safra-Cutrale haven’t. Instead, they have raised the rhetoric.

Chiquita and Fyffes on Monday issued presentations strongly defending the terms of the proposed merger, and attacked Safra-Cutrale’s rationale for directly soliciting Chiquita’s shareholders to reject the union at a rubber stamp meeting scheduled for September 17th.

Last night, the Brazilians hit back. They said the dual presentations were “evidence of Chiquita’s fear” its shareholders will defy the board at the meeting, by rejecting the merger and asking the directors to negotiate with the Brazilians.

Fyffes’ and Chiquita’s management, they argued, were “ignoring facts” about the respective merits of the two deals on offer to Chiquita, and dismissed the merger’s estimated $60 million cost savings as “speculative”. Safra-Cutrale then turned their guns on Dublin-headquartered Fyffes, which on Monday appeared to suggest that it could walk away if Chiquita adjourns the September 17th meeting to talk to the Brazilians.

“This is a scare tactic that is wholly unrealistic,” said Safra-Cutrale, who added it would be “illogical” for Fyffes to leave the table now.
Time may have already run out for a higher bid from the Brazilians, who promised they could wrap up a deal in October. It would be almost impossible at this stage for them to complete due diligence in the time available.
Both sides seem dug in, content to let shareholders decide at the September 17th meetings. For all concerned, that is a risky strategy.

It may sound bananas, but what chance of a grand bargain, whereby all three parties explore a Brazilian bid for a combined Chiquita-Fyffes? The US company appeared to float the idea, ever so subtly, in its Monday presentation.
A fruity prospect . . .

[leebong] 02/9/2014 15:08

RNS Number : 6501Q

Fyffes PLC

02 September 2014

Fyffes plc

Stock Exchange Announcement

FYFFES FILES INVESTOR PRESENTATION WITH SEC

AND CORRECTS INACCURATE INFORMATION RELEASED BY CUTRALE/SAFRA

-- Fyffes has a proven track record in growing its business and has 50+ successfully integrated acquisitions under current management's tenure

-- Long standing relationships with producers with robust earnings track record and 10,000 hectares of managed production. Since 2007, Fyffes has invested $108.4 million in the acquisition of pineapple and melon farms

-- Fyffes Executive Directors each have at least 24 years of experience in operational/ management roles in the Fyffes Group

-- Stable business with 74% of Fyffes European banana volume sold through contracted sales
-- There is no certainty Cutrale/Safra's proposal preserves optionality for Chiquita shareholders

Click on, or paste the following link into your web browser, to view the associated PDF document.



Dublin, Ireland, 2 September 2014 - Fyffes plc (ESM: FFY ID: AIM: FFY LN ("Fyffes") today announces that it has filed with the US Securities and Exchange Commission ("SEC") an investor presentation in which Fyffes corrects inaccurate information regarding the misleading statements made by the Cutrale Group and the Safra Group ("Cutrale/Safra") in connection with Fyffes proposed combination with Chiquita Brands International, Inc.

(NYSE: CQB). The presentation is available in the investor relations section of Fyffes website: www.fyffes.com. The key highlights of the presentation are set out below:
Fyffes has a proven track record in growing its business and has 50+ successfully integrated acquisitions under current management's tenure

Fyffes earnings have grown by 7.3% CAGR since its demerger in 2006. In the last six years, EBITA has grown by 16.2% CAGR, EBIT by 19.8% CAGR and EPS by 17.4% CAGR. In addition to three very important joint venture businesses, Fyffes ability to integrate acquisitions is demonstrated by a history of more than 50 acquisitions since its IPO in 1981.

Long standing relationships with producers and 10,000 hectares of managed production

Fyffes has long-standing relationships with growers going back 40 years and a proven track record of guaranteeing highest quality from source to consumers. Since 2007, Fyffes has invested $108.4m in the acquisition of pineapple and melon farms. Fyffes farms a total of 10,000 hectares (24,710 acres) in Central America of which 3,900 are owned.

Stable business with 74% of Fyffes European banana volume sold through contracted sales

Fyffes is the #1 banana importer in Europe and the #1 melon importer in the US. It has the oldest fruit brand globally. Fyffes business is far less volatile than Chiquita or others in the industry as evidenced by the fact that 74% of Fyffes European banana volume is sold through contracted sales.

There is no certainty Cutrale/Safra's proposal preserves optionality for Chiquita shareholders

Cutrale/Safra have sought to create the false impression that Fyffes shareholders will be unaware of the consequences of Cutrale/Safra proposal and that Fyffes shareholders will allow themselves to serve as a stalking horse. Cutrale/Safra have deliberately ignored the fact that the approval of the combination requires a special majority of Fyffes shareholders and there can be no certainty that a sufficient number of Fyffes shareholders will vote in favour of the combination if Chiquita has adjourned its meeting to negotiate a contrary transaction with Cutrale/Safra.

[leebong] 02/9/2014 15:08

RNS Number : 6501Q

Fyffes PLC

02 September 2014

Fyffes plc

Stock Exchange Announcement

FYFFES FILES INVESTOR PRESENTATION WITH SEC

AND CORRECTS INACCURATE INFORMATION RELEASED BY CUTRALE/SAFRA

-- Fyffes has a proven track record in growing its business and has 50+ successfully integrated acquisitions under current management's tenure

-- Long standing relationships with producers with robust earnings track record and 10,000 hectares of managed production. Since 2007, Fyffes has invested $108.4 million in the acquisition of pineapple and melon farms

-- Fyffes Executive Directors each have at least 24 years of experience in operational/ management roles in the Fyffes Group

-- Stable business with 74% of Fyffes European banana volume sold through contracted sales
-- There is no certainty Cutrale/Safra's proposal preserves optionality for Chiquita shareholders

Click on, or paste the following link into your web browser, to view the associated PDF document.



Dublin, Ireland, 2 September 2014 - Fyffes plc (ESM: FFY ID: AIM: FFY LN ("Fyffes") today announces that it has filed with the US Securities and Exchange Commission ("SEC") an investor presentation in which Fyffes corrects inaccurate information regarding the misleading statements made by the Cutrale Group and the Safra Group ("Cutrale/Safra") in connection with Fyffes proposed combination with Chiquita Brands International, Inc.

(NYSE: CQB). The presentation is available in the investor relations section of Fyffes website: www.fyffes.com. The key highlights of the presentation are set out below:
Fyffes has a proven track record in growing its business and has 50+ successfully integrated acquisitions under current management's tenure

Fyffes earnings have grown by 7.3% CAGR since its demerger in 2006. In the last six years, EBITA has grown by 16.2% CAGR, EBIT by 19.8% CAGR and EPS by 17.4% CAGR. In addition to three very important joint venture businesses, Fyffes ability to integrate acquisitions is demonstrated by a history of more than 50 acquisitions since its IPO in 1981.

Long standing relationships with producers and 10,000 hectares of managed production

Fyffes has long-standing relationships with growers going back 40 years and a proven track record of guaranteeing highest quality from source to consumers. Since 2007, Fyffes has invested $108.4m in the acquisition of pineapple and melon farms. Fyffes farms a total of 10,000 hectares (24,710 acres) in Central America of which 3,900 are owned.

Stable business with 74% of Fyffes European banana volume sold through contracted sales

Fyffes is the #1 banana importer in Europe and the #1 melon importer in the US. It has the oldest fruit brand globally. Fyffes business is far less volatile than Chiquita or others in the industry as evidenced by the fact that 74% of Fyffes European banana volume is sold through contracted sales.

There is no certainty Cutrale/Safra's proposal preserves optionality for Chiquita shareholders

Cutrale/Safra have sought to create the false impression that Fyffes shareholders will be unaware of the consequences of Cutrale/Safra proposal and that Fyffes shareholders will allow themselves to serve as a stalking horse. Cutrale/Safra have deliberately ignored the fact that the approval of the combination requires a special majority of Fyffes shareholders and there can be no certainty that a sufficient number of Fyffes shareholders will vote in favour of the combination if Chiquita has adjourned its meeting to negotiate a contrary transaction with Cutrale/Safra.

[leebong] 02/9/2014 14:42

Here is a very ineresting article about the virtues of the merger....it is too long to publish but well worth investors reading.

Ed Lonergan, the chief executive officer of Chiquita, stated that both companies are willing to discuss the concerns over anti trust with the European Union and the United States. However, he said, that the geographic locations of the two companies do not overlap and does not expect any concerns regarding competition to affect the deal.

Mr. Lonergan said that the company has gone into this deal being advised from the perspective of regulators. Thus, the company is confident that they will not come across any regulatory issues.

Mr. Lonergan will serve as the head chairman of the combined companies. Fyffe’s current executive chairman, David McCann, will become chief executive officer.

Source link:

target='window'>hTTp://news.google.com/news/url?sa=T&ct2=us&fd=S&url=

[leebong] 29/8/2014 22:06

RED Army--- totally agree with 120p when the merger has been approved on the 19th September by the EU but it will need about two more weeks for the SEC to approve the deal which is just a rubber stamping exercise. The real money will be made once the two firms actually merge and realise their synergies at the Q1/15 results which will happen next May 2015. Then the share price should surge.

[red army] 29/8/2014 19:31

120p ish according to charts