NEW YORK (AP) — Not a month after flatly rejecting a takeover bid by two Brazilian companies, Chiquita is softening its stance and will open its books to them.
Should Chiquita eventually see eye-to-eye with the investment firm Safra Group and Cutrale Group, a juice company, it could scuttle a tie up with the Irish fruit company Fyffes, a merger that is far along in the process.
Chiquita did not elaborate Wednesday on why it has now signed a confidentiality agreement with the Brazilian group, but it has been pressured to do so by two proxy advisory firms.
There has also been pushback on a national level against the type of deal Chiquita is trying to arrange with Fyffes, which would move the banana company’s headquarters to Dublin and lower its U.S. tax rate.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
