Chiquita Brands International Inc. Up Sharply On Revised Takeover Bid From Cutrale-Safra

Shares of Chiquita Brands International Inc. CQB are up sharply on Thursday following an announcement from Brazilian firms Cutrale-Safra.

Cutrale-Safra announced that they have raised their definitive offer to acquire all of the outstanding stock of Chiquita Brands International from $14 per share to $14.50 per share; representing a 4% increase. The $14.50 per share offer values the company at $742 million.

Cutrale-Safra first entered the bidding for Chiquita in August with a bid valued at $666 million, or $13 a share. Chiquita's board has rejected both of Cutrale-Safra's previous bids as too low.

Cutrale-Safra’s takeover bid will remain open until October 26, 2014.

Shares of Chiquita Brands recently traded at $13.79 up 8.2 percent and are up 12.77 percent YTD.