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Fyffes recommends 751 mln euro takeover by Japan's Sumitomo
December 9, 2016 / 7:38 AM / a year ago

Fyffes recommends 751 mln euro takeover by Japan's Sumitomo

DUBLIN, Dec 9 (Reuters) - Irish banana producer Fyffes on Friday said it was recommending shareholders approve a 751 million euro ($798 million) takeover offer by Japan’s Sumitomo Corp and said 27 percent of shareholders had committed to the deal.

Sumitomo is offering 2.23 euros in cash per share, a 49 percent premium on Thursday’s close.

“We believe this transaction represents a compelling proposition for our shareholders and crystallises the substantial value created in recent years through the various strategic developments and the strong operating performance of our Group,” Fyffes Chairman David McCann said in a statement.

$1 = 0.9412 euros Reporting by Conor Humphries; editing by Jason Neely

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