Chiquita Shares Are Going Nuts

In pre-market trade on Thursday, shares of Chiquita were up nearly 8% after Cutrale-Safra offered to acquire the company for $14.50 per share.

Cutrale is a juice and agribusiness giant that accounts for more than one-third of sales in the $5 billion orange juice market, and Safra is a group of businesses controlled by Brazilian billionaire Joseph Safra.

The combined entities have been seeking to acquire Chiquita, which currently has agreed to be bought by Irish produce distributor Fyffes.

In its letter on Thursday, Cutrale-Safra said they believe their offer represents a 20% to the current deal between Chiquita and Fyffes. Earlier this week, Chiquita issued a lengthy statement responding to what it called "inaccurate and misleading statements," made by Cutrale and Safra in their efforts to acquire the company.

The Chiquita-Fyffes deal is set to be vote on at a special meeting of Chiquita shareholders on Friday.