UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): October 21, 2014
_________________
CHIQUITA BRANDS INTERNATIONAL, INC.
(Exact Name of Registrant as Specified
in its Charter)
_________________
New Jersey |
1-1550 |
04-1923360 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
550 South Caldwell Street, Charlotte, North Carolina 28202 |
(Address of Principal Executive Offices) |
Registrant’s telephone number, including
area code: (980) 636-5000
N/A
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
x |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On October 21, 2014, Chiquita Brands International,
Inc. (“Chiquita”) issued a press release that reiterates the value of Chiquita’s combination with Fyffes plc
(“Fyffes”) (the “Combination”) and sets the record straight regarding what Chiquita believes to be inaccurate
and misleading statements recently made by the Cutrale Group and the Safra Group (“Cutrale / Safra”). A copy of the
press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
No Offer or Solicitation
This communication is not intended to and does not constitute
an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities
or the solicitation of any vote or approval in any jurisdiction pursuant to the revised transaction agreement with Fyffes or otherwise,
nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer
of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of
1933, as amended.
Important Additional
Information Has Been Filed and Will Be Filed With The SEC
Regarding the combination with Fyffes, ChiquitaFyffes Limited,
a private limited company organized under the laws of Ireland ("ChiquitaFyffes") has filed with the U.S. Securities and
Exchange Commission (the “SEC “) a registration statement on Form S-4 that includes a Proxy Statement that also constitutes
a Prospectus of ChiquitaFyffes. The registration statement was declared effective by the SEC on July 25, 2014. The Form S-4 also
includes the Scheme Circular and Explanatory Statement required to be sent to Fyffes shareholders for the purpose of seeking their
approval of the combination. Each of Chiquita and Fyffes has completed mailing to their respective shareholders the definitive
Proxy Statement/Prospectus/Scheme Circular in connection with the proposed combination of Chiquita and Fyffes and related transactions.
ChiquitaFyffes has filed with the SEC a post-effective amendment to the registration statement on Form S-4 that includes a First
Supplement to the Proxy Statement/Prospectus/Scheme Circular. The post-effective amendment to the registration statement on Form
S-4 was declared effective by the SEC on October 8, 2014. Each of Chiquita and Fyffes has completed mailing the First Supplement
to the Proxy Statement/Prospectus/Scheme Circular to each of the Chiquita shareholders that previously received the Proxy Statement/Prospectus
and to each of the Fyffes shareholders who appears on the register of shareholders as of the date of the mailing. INVESTORS AND
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS/SCHEME CIRCULAR (INCLUDING THE SCHEME EXPLANATORY STATEMENT) , THE
FIRST SUPPLEMENT TO THE PROXY STATEMENT/PROSPECTUS/SCHEME CIRCULAR AND OTHER RELEVANT DOCUMENTS (INCLUDING A SUPPLEMENT TO THE
PROXY STATEMENT/PROSPECTUS/SCHEME CIRCULAR DESCRIBING THE REVISED TERMS FOR THE FYFFES TRANSACTION) FILED OR TO BE FILED WITH THE
SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CHIQUITA, FYFFES, CHIQUITAFYFFES,
THE COMBINATION AND RELATED MATTERS. Investors and security holders are able to obtain free copies of the definitive Proxy Statement/Prospectus/Scheme
Circular (including the Scheme), the First Supplement to the Proxy Statement/Prospectus/Scheme Circular and other documents filed
with the SEC by ChiquitaFyffes, Chiquita and Fyffes through the website maintained by the SEC at www.sec.gov. In addition, investors
and shareholders are able to obtain free copies of the definitive Proxy Statement/Prospectus/Scheme Circular (including the Scheme),
the definitive First Supplement to the Proxy Statement/Prospectus/Scheme Circular and other documents filed by Chiquita, Fyffes
and ChiquitaFyffes with the SEC by contacting Chiquita Investor Relations at: Chiquita Brands International, Inc., c/o Corporate
Secretary, 550 South Caldwell Street, Charlotte, North Carolina 28202 or by calling (980) 636-5000, or by contacting Fyffes Investor
Relations at c/o Seamus Keenan, Company Secretary, Fyffes, 29 North Anne Street, Dublin 7, Ireland or by calling + 353 1 887 2700.
Participants In
The Solicitation
Chiquita, Fyffes, ChiquitaFyffes and their respective directors
and executive officers may be considered participants in the solicitation of proxies in connection with the combination. Information
about the directors and executive officers of Fyffes is set forth in its Annual Report for the year ended December 31, 2013, which
was published on April 11, 2014 and is available on the Fyffes website at www.fyffes.com. Information about the directors and executive
officers of Chiquita is set forth in its Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with
the SEC on March 4, 2014 and its proxy statement for its 2014 annual meeting of shareholders, which was filed with the SEC on April
11, 2014. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect
interests, by security holdings or otherwise, are contained in the definitive Proxy Statement/Prospectus/Scheme Circular and the
First Supplement to the Proxy Statement/Prospectus/Scheme Circular described above that were mailed to shareholders and other relevant
materials to be filed with the SEC when they become available.
Forward-Looking
Statements
This communication contains certain statements that are “forward-looking
statements.” These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the
control of Chiquita and Fyffes, including: the customary risks experienced by global food companies, such as prices for commodity
and other inputs, currency exchange fluctuations, industry and competitive conditions (all of which may be more unpredictable in
light of continuing uncertainty in the global economic environment), government regulations, food safety issues and product recalls
affecting Chiquita and/or Fyffes or the industry, labor relations, taxes, political instability and terrorism; unusual weather
events, conditions or crop risks; continued ability of Chiquita and Fyffes to access the capital and credit markets on commercially
reasonable terms and comply with the terms of their debt instruments; access to and cost of financing; and the outcome of pending
litigation and governmental investigations involving Chiquita and/or Fyffes, as well as the legal fees and other costs incurred
in connection with these items. Readers are cautioned that any forward-looking statement is not a guarantee of future performance
and that actual results could differ materially from those contained in the forward-looking statement. Forward-looking statements
relating to the combination involving Fyffes and Chiquita include, but are not limited to: statements about the benefits of the
combination, including expected synergies and future financial and operating results; Fyffes and Chiquita’s plans, objectives,
expectations and intentions; the expected timing of completion of the combination; and other statements relating to the combination
that are not historical facts. Forward-looking statements involve estimates, expectations and projections and, as a result, are
subject to risks and uncertainties. There can be no assurance that actual results will not materially differ from expectations.
Important factors could cause actual results to differ materially from those indicated by such forward-looking statements.
With respect to the combination, these factors include, but
are not limited to: risks and uncertainties relating to the ability to obtain the requisite Fyffes and Chiquita shareholder approvals;
the risk that a condition to closing of the combination may not be satisfied; the length of time necessary to consummate the combination;
the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the
combination may not be fully realized or may take longer to realize than expected; disruption arising as consequence of the combination
making it more difficult to maintain existing relationships or establish new relationships with customers, employees or suppliers;
the diversion of management time on transaction-related issues; the ability of the combined company to retain and hire key personnel;
the effect of future regulatory or legislative actions on the companies; and the risk that the credit ratings of the combined company
or its subsidiaries may be different from what the companies expect.
These risks, as well as other risks associated with the combination,
are more fully discussed in the Proxy Statement/Prospectus/Scheme Circular that is included in the Registration Statement on Form
S-4 and the First Supplement to the Proxy Statement/Prospectus/Scheme Circular that is included in the post-effective amendment
to the Registration Statement on Form S-4 that were filed with the SEC in connection with the combination and are contained in
the definitive Proxy Statement/Prospectus/Scheme Circular and in the definitive First Supplement to the Proxy Statement/Prospectus/Scheme
Circular that have been mailed to shareholders. Additional risks and uncertainties are identified and discussed in Chiquita’s
reports filed with the SEC and available at the SEC’s website at www.sec.gov and in Fyffes reports filed with the Registrar
of companies available at Fyffes website at www.fyffes.com. Forward-looking statements included in this document speak only as
of the date of this document. Neither Chiquita nor Fyffes undertakes any obligation to update its forward-looking statements to
reflect events or circumstances after the date of this communication.
No statement in this communication is intended to constitute
a profit forecast for any period, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily
be greater or lesser than those for the relevant preceding financial periods for Chiquita, or Fyffes or ChiquitaFyffes, as appropriate.
No statement in this communication constitutes an asset valuation.
STATEMENT REQUIRED BY THE TAKEOVER RULES
The directors of Chiquita accept responsibility
for the information contained in this communication. To the best of the knowledge and belief of the directors of Chiquita (who
have taken all reasonable care to ensure that such is the case), the information contained in this communication for which they
accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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EXHIBIT
NO. |
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DESCRIPTION |
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99.1 |
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Press Release, dated October 21, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 21, 2014
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CHIQUITA Brands International, Inc. |
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By: |
/s/ James E. Thompson |
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James E. Thompson |
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Executive Vice President, General Counsel and Secretary |
EXHIBIT INDEX
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EXHIBIT
NO. |
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DESCRIPTION |
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99.1 |
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Press Release, dated October 21, 2014 |
Exhibit 99.1
CHIQUITA REITERATES VALUE OF THE CHIQUITA/FYFFES
COMBINATION
Sets the Record Straight Regarding Inaccurate
and Misleading Statements Made by Cutrale / Safra
CHARLOTTE, N.C., – October 21, 2014 – Chiquita
Brands International, Inc. (NYSE:CQB) ("Chiquita"), today reiterated the value of Chiquita’s combination with Fyffes
plc (ESM: FFY ID: AIM: FFY LN) (“Fyffes”) (the "Combination") and set the record straight regarding the inaccurate
and misleading statements made by the Cutrale Group and the Safra Group (“Cutrale / Safra”) in an attempt to support
its inadequate $14.00 per share offer to acquire Chiquita.
Edward F. Lonergan, President and Chief Executive Officer of
Chiquita said, “Chiquita’s Board of Directors is solely focused on maximizing value for all Chiquita shareholders.
In contrast, Cutrale / Safra appears only interested in acquiring Chiquita for the lowest possible price without adequately compensating
Chiquita shareholders.”
CUTRALE / SAFRA CONTINUES TO IGNORE SIGNIFICANT
PROGRESS MADE BY
CHIQUITA SINCE IMPLEMENTING ITS “RETURN TO THE CORE” STRATEGY
Since August 2012, Chiquita’s shareholders have benefitted
from the actions taken by the Board and the management team.
| · | Grown EBITDA 68.6% in 2013 versus 2012, and EBITDA is projected to grow (based on the mid-point) 18.6% in 2014 versus 2013. |
| · | Outperformed the market with its share price appreciating 105.3% from Chiquita’s closing price on August 7, 2012, when
the Company announced its restructuring, to the closing price following the announcement of the proposed Fyffes merger on March
10, 2014. |
In addition, Chiquita remains on track to achieve its 2014 EBITDA
profit forecast, benefitting in the fourth quarter from balanced bananas supply and demand, the elimination of startup costs at
its Midwest salads facilities and benefits from third quarter-deployed salads pricing actions.
CHIQUITA’S COMBINATION WITH FYFFES
FURTHERS ITS “RETURN TO THE CORE”
STRATEGY AND CREATES SIGNIFICANT ADDITIONAL VALUE FOR SHAREHOLDERS
The strategic benefits of the Chiquita/Fyffes merger are clear
and allow Chiquita shareholders to participate in the significant upside potential of the combined organization.
| · | Combining Chiquita and Fyffes presents, in the view of Chiquita’s Board, a compelling opportunity for Chiquita shareholders
to benefit from the companies’ complementary geographic, portfolio, sourcing and logistics operations. |
| · | Chiquita shareholders will share access to $62 million of Fyffes1
EBITDA and share in $60 million of identified, third party reviewed synergies in the combined company with clear and actionable
steps identified in each synergy area. Chiquita shareholders will also retain the option to sell ChiquitaFyffes at a premium in
the future. |
1 Mid-point of Fyffes profit forecast for 2014
plus LTM depreciation of €7.1 million.
| · | Regulatory approvals have been obtained with zero net impact expected to the combined company’s financials or operations.
This contrasts with Cutrale / Safra, who have insisted on the right to abandon its offer in the face of any regulatory challenge
to Cutrale or Safra. |
CUTRALE / SAFRA HAS NOT OFFERED CHIQUITA
SHAREHOLDERS AN ADEQUATE PREMIUM OR PRICE
Contrary to its claims, Cutrale / Safra’s offer represents
a:
| · | 9.4% premium to Chiquita’s closing price of $12.80 per share on October 20, 2014; |
| · | 10.4% premium to $12.68 per share, Chiquita’s average trading price between the announcement of the Fyffes transaction
and the Cutrale / Safra offer adjusted for the change in exchange ratio negotiated following the Cutrale / Safra offer; and |
| · | 8.9% discount to $15.36 per share, Chiquita’s average trading price between the announcement of the Fyffes transaction
and the Cutrale / Safra offer adjusted both for the change in exchange ratio and the increase in projected EBITDA.2
|
CUTRALE / SAFRA HAS MISCHARACTERIZED
THE REPORT ISSUED BY
INSTITUTIONAL SHAREHOLDER SERVICES (“ISS”) RECOMMENDING IN FAVOR OF
CHIQUITAFYFFES IN ORDER TO
ADVANCE ITS SELF-SERVING AGENDA
Cutrale / Safra materially misrepresents ISS’ analysis
in an effort to mask its attempt to acquire Chiquita at an inadequate price. In its October 20, 2014 report, ISS:
| · | Applies present value techniques by using a one-year forward EV/EBITDA multiple of 6.5x on projected 2016 EBITDA to derive
a share price for ChiquitaFyffes as of December 2015, which ISS discounts back by one year to December 2014. |
| · | Reaches its revised recommendation “FOR” the Fyffes transaction after taking into account potential
risks associated with achieving EBITDA projections disclosed in Chiquita’s proxy filings. |
| · | Identifies the fact that the Cutrale / Safra offer deprives Chiquita shareholders of any premium for giving up the ChiquitaFyffes
opportunity. |
Separately, Chiquita noted that ISS has changed its recommendation
in favor of proposal 4, the amended omnibus stock plan, “in light of the revised lower share request and the company's commitment
to maintain a more reasonable burn rate for the next three years.”*
Chiquita also notes the recommendation issued by Glass Lewis
& Co. (“Glass Lewis”) in connection with the proposed ChiquitaFyffes transaction.
The Glass Lewis report fails to recognize the value of the Fyffes
transaction and the improved terms negotiated by Chiquita’s Board. Specifically, Chiquita notes that in its October 20, 2014
report, Glass Lewis:
2 Consideration of $14.00 per share would only
be received at closing rather than today.
| · | Does not fairly take into account the revised exchange ratio and the incremental value from the improved EBITDA projections
disclosed to the market since Cutrale / Safra’s original proposal. |
| · | Fails to recognize that operating as a stand-alone entity would result in Chiquita shareholders forgoing the synergistic value
of the Fyffes transaction. |
| · | Does not recommend that Chiquita shareholders support a transaction with Cutrale / Safra. |
CHIQUITA’S BOARD URGES SHAREHOLDERS
TO FOLLOW THE RECOMMENDATIONS OF ISS AND EGAN-JONES
PROXY SERVICES (“EGAN JONES”) BY VOTING “FOR”
THE PROPOSED TRANSACTION WITH FYFFES
Chiquita notes that two of the three leading proxy advisory
firms, ISS and Egan Jones, have recommended that Chiquita shareholders vote “FOR” the combination with
Fyffes.
Whether or not shareholders plan to attend the Special Meeting
on October 24, 2014, the Board urges all shareholders to vote “FOR” the transaction and the other Chiquita
proposals by signing, dating and returning the WHITE proxy card at each shareholder’s earliest convenience. Internet and
telephone voting options are also available and easy to follow instructions may be found in the proxy. Shareholders can also vote
for the ChiquitaFyffes transaction on the gold proxy card by marking the appropriate “FOR” boxes (proposals
1-5; Cutrale / Safra previously withdrew its proposal 6). The method by which shareholders vote does not limit shareholders
right to vote in person at the special meeting. Shareholders with any questions or for assistance in submitting their proxy should
contact Mackenzie Partners, toll-free at (800) 322-2885 or Alliance Advisors, LLC, toll-free at (855) 976-3330.
*Permission to use quotation
from ISS report was neither sought nor obtained.
About Chiquita Brands International, Inc.
Chiquita Brands (NYSE:CQB)
is a leading international marketer and distributor of nutritious, high-quality fresh and value-added food products - from energy-rich
bananas, blends of convenient green salads and other fruits to healthy snacking products. The company markets its healthy, fresh
products under the Chiquita® and Fresh Express® premium brands and other related trademarks. With annual revenues of more
than $3 billion, Chiquita employs approximately 20,000 people and has operations in nearly 70 countries worldwide. For more information,
please visit www.chiquita.com.
No Offer or Solicitation
This communication is not intended to and does not constitute
an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities
or the solicitation of any vote or approval in any jurisdiction pursuant to the proposed combination of Chiquita and Fyffes or
otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act
of 1933, as amended.
Important Additional Information Has Been Filed and Will
Be Filed with the SEC
Regarding the transaction with Fyffes, ChiquitaFyffes Limited,
a private limited company organized under the laws of Ireland ("ChiquitaFyffes") has filed with the SEC a registration
statement on Form S-4 that includes a Proxy Statement that also constitutes a Prospectus of ChiquitaFyffes. The registration statement
was declared effective by the SEC on July 25, 2014. The Form S-4 also includes the Scheme Circular and Explanatory Statement required
to be sent to Fyffes shareholders for the purpose of seeking their approval of the combination. Each of Chiquita and Fyffes has
completed mailing to their respective shareholders the definitive Proxy Statement/Prospectus/Scheme Circular in connection with
the proposed combination of Chiquita and Fyffes and related transactions. ChiquitaFyffes has filed with the SEC a post-effective
amendment to the registration statement on Form S-4 that includes a First Supplement to the Proxy Statement/Prospectus/Scheme Circular.
The post-effective amendment to the registration statement on Form S-4 was declared effective by the SEC on October 8, 2014. Each
of Chiquita and Fyffes has completed mailing the First Supplement to the Proxy Statement/Prospectus/Scheme Circular to each of
the Chiquita shareholders that previously received the Proxy Statement/Prospectus and to each of the Fyffes shareholders who appears
on the register of shareholders as of the date of the mailing. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS/SCHEME
CIRCULAR (INCLUDING THE SCHEME EXPLANATORY STATEMENT) , THE FIRST SUPPLEMENT TO THE PROXY STATEMENT/PROSPECTUS/SCHEME CIRCULAR
AND OTHER RELEVANT DOCUMENTS (INCLUDING A SUPPLEMENT TO THE PROXY STATEMENT/PROSPECTUS/SCHEME CIRCULAR DESCRIBING THE REVISED TERMS
FOR THE FYFFES TRANSACTION) FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT CHIQUITA, FYFFES, CHIQUITAFYFFES, THE COMBINATION AND RELATED MATTERS. Investors and security holders are
able to obtain free copies of the definitive Proxy Statement/Prospectus/Scheme Circular (including the Scheme), the First Supplement
to the Proxy Statement/Prospectus/Scheme Circular and other documents filed with the SEC by ChiquitaFyffes, Chiquita and Fyffes
through the website maintained by the SEC at www.sec.gov. In addition, investors and shareholders are able to obtain free copies
of the definitive Proxy Statement/Prospectus/Scheme Circular (including the Scheme), the definitive First Supplement to the Proxy
Statement/Prospectus/Scheme Circular and other documents filed by Chiquita, Fyffes and ChiquitaFyffes with the SEC by contacting
Chiquita Investor Relations at: Chiquita Brands International, Inc., c/o Corporate Secretary, 550 South Caldwell Street, Charlotte,
North Carolina 28202 or by calling (980) 636-5000, or by contacting Fyffes Investor Relations at c/o Seamus Keenan, Company Secretary,
Fyffes, 29 North Anne Street, Dublin 7, Ireland or by calling + 353 1 887 2700.
Participants In The Solicitation
Chiquita, Fyffes, ChiquitaFyffes and their respective directors
and executive officers may be considered participants in the solicitation of proxies in connection with the combination. Information
about the directors and executive officers of Fyffes is set forth in its Annual Report for the year ended December 31, 2013, which
was published on April 11, 2014 and is available on the Fyffes website at www.fyffes.com. Information about the directors and executive
officers of Chiquita is set forth in its Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with
the SEC on March 4, 2014 and its proxy statement for its 2014 annual meeting of shareholders, which was filed with the SEC on April
11, 2014. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect
interests, by security holdings or otherwise, are contained in the definitive Proxy Statement/Prospectus/Scheme Circular and the
First Supplement to the Proxy Statement/Prospectus/Scheme Circular described above that were mailed to shareholders and other relevant
materials to be filed with the SEC when they become available.
Forward Looking Statements
This communication contains certain statements that are "forward-looking
statements." These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the
control of Chiquita and Fyffes, including: the customary risks experienced by global food companies, such as prices for commodity
and other inputs, currency exchange fluctuations, industry and competitive conditions (all of which may be more unpredictable in
light of continuing uncertainty in the global economic environment), government regulations, food safety issues and product recalls
affecting Chiquita and/or Fyffes or the industry, labor relations, taxes, political instability and terrorism; unusual weather
events, conditions or crop risks; continued ability of Chiquita and Fyffes to access the capital and credit markets on commercially
reasonable terms and comply with the terms of their debt instruments; access to and cost of financing; and the outcome of pending
litigation and governmental investigations involving Chiquita and/or Fyffes, as well as the legal fees and other costs incurred
in connection with these items. Readers are cautioned that any forward-looking statement is not a guarantee of future performance
and that actual results could differ materially from those contained in the forward-looking statement. Forward-looking statements
relating to the combination involving Fyffes and Chiquita include, but are not limited to: statements about the benefits of the
combination, including expected synergies and future financial and operating results; Fyffes and Chiquita's plans, objectives,
expectations and intentions; the expected timing of completion of the combination; and other statements relating to the combination
that are not historical facts. Forward-looking statements involve estimates, expectations and projections and, as a result, are
subject to risks and uncertainties. There can be no assurance that actual results will not materially differ from expectations.
Important factors could cause actual results to differ materially from those indicated by such forward-looking statements.
With respect to the combination, these factors include, but
are not limited to: risks and uncertainties relating to the ability to obtain the requisite Fyffes and Chiquita shareholder approvals;
the risk that a condition to closing of the combination may not be satisfied; the length of time necessary to consummate the combination;
the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the
combination may not be fully realized or may take longer to realize than expected; disruption arising as consequence of the combination
making it more difficult to maintain existing relationships or establish new relationships with customers, employees or suppliers;
the diversion of management time on transaction-related issues; the ability of the combined company to retain and hire key personnel;
the effect of future regulatory or legislative actions on the companies; and the risk that the credit ratings of the combined company
or its subsidiaries may be different from what the companies expect.
These risks, as well as other risks associated with the combination,
are more fully discussed in the Proxy Statement/Prospectus/Scheme Circular that is included in the Registration Statement on Form
S-4 and the First Supplement to the Proxy Statement/Prospectus/Scheme Circular that is included in the post-effective amendment
to the Registration Statement on Form S-4 that were filed with the SEC in connection with the combination and are contained in
the definitive Proxy Statement/Prospectus/Scheme Circular and in the definitive First Supplement to the Proxy Statement/Prospectus/Scheme
Circular that have been mailed to shareholders. Additional risks and uncertainties are identified and discussed in Chiquita's reports
filed with the SEC and available at the SEC's website at www.sec.gov and in Fyffes reports filed with the Registrar of companies
available at Fyffes website at www.fyffes.com. Forward-looking statements included in this document speak only as of the date of
this document. Neither Chiquita nor Fyffes undertakes any obligation to update its forward-looking statements to reflect events
or circumstances after the date of this communication.
No statement in this communication is intended to constitute
a profit forecast for any period, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily
be greater or lesser than those for the relevant preceding financial periods for Chiquita, or Fyffes or ChiquitaFyffes, as appropriate.
No statement in this communication constitutes an asset valuation.
Statement Required by the Takeover Rules
The directors of Chiquita accept responsibility for the information
contained in this communication. To the best of the knowledge and belief of the directors of Chiquita (who have taken all reasonable
care to ensure that such is the case), the information contained in this communication for which they accept responsibility is
in accordance with the facts and does not omit anything likely to affect the import of such information.
Chiquita Contacts:
Investors
Steve Himes
1 980-636-5636
shimes@chiquita.com
Media
Ed Loyd
1 980-636-5145
eloyd@chiquita.com
Kelly Sullivan, Averell Withers or Joe Berg
Joele Frank, Wilkinson Brimmer Katcher
1 212-355-4449