A New York-based law firm has announced it is investigating Chiquita Brands International (NYSE: CQB) to test whether the multinational did enough to maximize shareholder value when agreeing to a takeover offer from Brazil's Cutrale-Safra.

In a release, Rosen Law Firm said the class action implied no costs or obligations to participants, who would be represented by the attorneys Kevin Chan and Phillip Kim.

"The investigation relates to whether the proposal for $14.50 in cash per share is fair to public shareholders and whether Chiquita’s Board breached its fiduciary duties in connection with the proposed sale," the firm said in a release.

The market however does not appear to believe the price could go much higher, as shares have not yet traded at the agreed price of US$14.50 since the offer was made on Thursday. At the time of writing, the CQB price stood at US$14.40 per share.

Rosen has successfuly won legal cases against the likes of Pegasus Communications Corp, SkyPeople Fruit Juice, China Electric Motor Inc, Quest Energy Partners, Gulf Resources and Prosper Marketplace.

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