Chiquita Going Bananas on Deal News

Chiquita Brands CQB is trading up 26% on news that The Cutrale Group and the Safra Group are looking to acquire Chiquita Brands Inc. for $13.00 per share in an all cash deal. In a letter to Chiquita Chairman Kerri Anderson, Michael Rubinoff (on behalf of the Cutrale Group and the Safra Group) stated: Together, we are confident that this Transaction offers compelling and more certain value for Chiquita shareholders as compared with the proposed transaction with Fyffes plc and significantly enhances Chiquita's business potential. This price is a 29 percent premium to Friday's closing price of 10.06.