CORAL GABLES, FL - Fresh Del Monte is beginning a modified “Dutch auction” tender offer in order to purchase up to $175 million worth of outstanding shares of its company stock.
During this tender offer, Fresh Del Monte shareholders may either offer all or a portion of their shares at price between $30.50 to $34.50 per share. Shareholders also have the option of tendering their shares without specifying a purchase price. In this case, the shares will be purchased at a price determined in accordance with the tender offer.
At the expiration of this offer, Fresh Del Monte will purchase those shares priced at the lowest price point within the prespecified range, up to an aggregate value of $175 million. All shares tendered at a price point exceeding Fresh Del Monte's accepted price point will be returned to the original shareholder. All purchased shares will be paid for in cash.
According to a press release, this tender offer will expire at 11:59 p.m., New York City time, on December 2, 2014, unless extended or terminated by the company.
Stay tuned to AndNowUKnow for further updates on the future actions of Fresh Del Monte and the fresh produce industry.
