After consideration, Chiquita Brands International, Inc. confirmed Thursday it will decline the unsolicited cash offer the company received from the Cutrale Group and the Safra Group to acquire all outstanding common stock of the company at $13 a share.
Chiquita said its board of directors, in concert with its legal team and financial advisors reviewed the offer and determined the deal was inadequate and not in the best interest of Chiquita shareholders.