Banana distributor Chiquita Brands says it is rejecting the $611 million buyout offer from investment firm Safra Group and the Brazilian agribusiness and juice company Cutrale Group.
Read: Chiquita Gets Buyout Offer
Chiquita says the offer made on Monday is not in the best interest of shareholders. Instead, it will focus on a combination with Fyffes of Ireland. The two companies agreed in March to merge in a stock-for-stock deal to create the world's biggest banana supplier.
Chiquita said Thursday that the Fyffes combination will create a more competitive company.
If a transaction were to occur between Chiquita and Fyffes, Chiquita's headquarters would move from Charlotte, North Carolina, to Dublin, a more tax-efficient corporate base.
Chiquita shares fell a penny to $13.50 in aftermarket trading.
