The Brazilian takeover of Chiquita Brands International (NYSE: CQB) is edging closer with the announcement today that a US$14.50 per share tender offer from Cavendish Acquisition Corporation has been completed.

Investors from Sao Paulo are one step closer to owning one of the world's most iconic fruit brands.

Computershare Trust Company announced that as of midnight, New York City time, almost 40 million shares in Chiquita common stock were validly tendered, representing around 84.46% of the outstanding shares in the produce multinational.

Cavendish is an affiliate of Brazilian juice company Cutrale Group and investment house Safra Group.

"All conditions to the tender offer have been satisfied. Accordingly, Cutrale-Safra, through Cavendish Acquisition Corporation, has accepted for payment and will promptly pay for shares validly tendered and not validly withdrawn," Chiquita said in a release.

"Cutrale-Safra, through Cavendish Acquisition Corporation, expects to promptly complete a "short-form" merger under Section 14A:10-5.1 of the New Jersey Business Corporation Act after exercise of its top-up option under the merger agreement.

"Following completion of the merger, shares of Chiquita common stock will no longer be listed on the New York Stock Exchange."

Photo: www.shutterstock.com

www.freshfruitportal.com