Banana producer Chiquita Brands International received a buyout bid on Monday from Cutrale Group, a wholesale orange juice company, and the private bank Safra Group, who offered to buy all of Chiquita’s shares for $611 million, The New York Times reports.
The proposal comes as Chiquita, based in Charlotte, North Carolina, is working to complete a so-called inversion with its Irish competitor Fyffes. Inversions allow U.S. companies to reincorporate abroad and realize lower taxes.
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