-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JVnbdZA6bXnYtlgwt59f98+NVEI5PRkiYudf7uPLp7BB/A7FaLDrsCeAmQ1Ud1WR 1ycS7v2R5B2yi894ailkag== 0000101063-98-000008.txt : 19980202 0000101063-98-000008.hdr.sgml : 19980202 ACCESSION NUMBER: 0000101063-98-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980116 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980130 SROS: BSE SROS: NYSE SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHIQUITA BRANDS INTERNATIONAL INC CENTRAL INDEX KEY: 0000101063 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 041923360 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-01550 FILM NUMBER: 98517787 BUSINESS ADDRESS: STREET 1: 250 E FIFTH ST CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5137848011 FORMER COMPANY: FORMER CONFORMED NAME: UNITED BRANDS CO DATE OF NAME CHANGE: 19900403 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): January 16, 1998 CHIQUITA BRANDS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) New Jersey 1-1550 04-1923360 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 250 East Fifth Street, Cincinnati, Ohio 45202 (Address of principal executive offices) Registrant's telephone number, including area code: (513) 784-8000 INFORMATION TO BE INCLUDED IN THE REPORT Items 1, 3, 4, 5, 6, 8 and 9 are not applicable and are omitted from this Report. Item 2. Acquisition or Disposition of Assets. On January 16, 1998 Chiquita Brands International, Inc. ("Chiquita") acquired by merger Stokely USA, Inc. ("Stokely"), a company whose common stock had traded on the NASDAQ National Market prior to the merger. Stokely, headquartered in Oconomowoc, Wisconsin, is engaged primarily in the vegetable canning business. The acquisition was effected pursuant to an Agreement and Plan of Reorganization dated as of September 17, 1997 among Chiquita, Chiquita Acquisition Corp. and Stokely. The merger consideration payable to the shareholders of Stokely was agreed to based on arm's length negotiations. The merger price was $1.00 per share of Stokely common stock, paid entirely in shares of Chiquita capital stock, par value $.33 per share ("Common Stock"), valued at $15.03 per share, the average of the closing market prices of Chiquita Common Stock for the 15 trading days immediately preceding the merger. This resulted in a payment of approximately .0665 of a share of Chiquita Common Stock per Stokely share, or an aggregate of 757,918 shares of Chiquita Common Stock issued to the Stokely shareholders. Chiquita also issued 2,208,615 shares of Common Stock to certain holders of an aggregate of approximately $33.2 million of Stokely long-term debt. Stokely produces a broad range of canned vegetables under private and branded labels. Stokely owns and operates seven canning plants located in Pickett, Poynette, Sun Prairie and Waunakee, Wisconsin; Ackley, Iowa; Hoopeston, Illinois; and Scottsville, Michigan, as well as two warehouse facilities located in Poynette and DeForest, Wisconsin. Chiquita presently plans to continue operating the Stokely canning business in connection with its existing canning business. Chiquita has announced that it plans to close the canning plants in Waunakee and Poynette, Wisconsin and Hoopeston, Illinois. Item 7. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. The following audited and unaudited financial statements of Stokely are incorporated by reference from the Stokely filings referenced below and have been previously incorporated by reference into Chiquita's Registration Statement on Form S-4 No. 333-40709 and Current Report on Form 8-K dated November 20, 1997. 1. Audited financial statements of Stokely, including the notes thereto: Independent Auditors' Report dated June 19, 1997 (October 10, 1997 as to Note L) Consolidated Balance Sheets as of March 31, 1997 and 1996 Consolidated Statements of Operations for the Years Ended March 31, 1997, 1996 and 1995 Consolidated Statements of Stockholders' Equity for the Years Ended March 31, 1997, 1996 and 1995 Consolidated Statements of Cash Flows for the Years Ended March 31, 1997, 1996 and 1995 Notes to Consolidated Financial Statements The foregoing consolidated financial statements and Independent Auditors' Report are incorporated by reference from Item 8, pages 42-63 of Stokely's Annual Report on Form 10-K for the Year Ended March 31, 1997, as amended on Form 10-K/A filed on October 14, 1997. 2. Interim financial statements (unaudited) of Stokely for the quarter and six months ended September 30, 1997: Consolidated Condensed Balance Sheets - September 30, 1997, March 31, 1997 and September 30, 1996 Consolidated Condensed Statements of Operations - Three and Six Months Ended September 30, 1997 and 1996 Consolidated Condensed Statements of Cash Flows - Six Months Ended September 30, 1997 and 1996 Notes to Consolidated Condensed Financial Statements The foregoing financial statements and notes are incorporated by reference from Item 1, pages 3-10 of Stokely's Quarterly Report on Form 10-Q/A for the Quarter Ended September 30, 1997, filed on December 4, 1997. (b) Pro Forma Financial Information. Chiquita Brands International, Inc. Pro Forma Combined Balance Sheet (unaudited) as of September 30, 1997 Pro Forma Combined Income Statement (unaudited) for the year ended December 31, 1996 Pro Forma Combined Income Statement (unaudited) for the nine months ended September 30, 1997 The foregoing pro forma financial statements are incorporated by reference from pages 39-42 of Chiquita's final Proxy Statement/Prospectus dated December 8, 1997 under Registration Statement No. 333-40709 filed pursuant to Rule 424(b)(3) on December 10, 1997. (c) Exhibits 2.1 Agreement and Plan of Reorganization dated as of September 17, 1997 among Chiquita, Chiquita Acquisition Corp. and Stokely, incorporated by reference from Appendix A, pages A-1 to A-41 of Chiquita's final Proxy Statement/Prospectus dated December 8, 1997 under Registration Statement No. 333-40709 filed pursuant to Rule 424(b)(3) on December 10, 1997. 23.1 Consent of Independent Auditors (Deloitte & Touche LLP) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 30, 1998 CHIQUITA BRANDS INTERNATIONAL, INC. By: /s/William A. Tsacalis ------------------------ William A. Tsacalis Vice President and Controller Exhibit 23.1 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the following Registration Statements and related prospectuses of Chiquita Brands International, Inc. of our report dated June 19, 1997 (October 10, 1997 as to Note L) appearing in the Annual Report on Form 10-K/A of Stokely USA, Inc. for the year ended March 31, 1997 and incorporated by reference in this report on Form 8-K dated January 16, 1998. Registration Form No. Description - ---- ------------- ----------- S-3 33-58424 Dividend Reinvestment Plan S-3 33-41057 Common Stock issuable upon conversion of Convertible Subordinated Debentures S-3 333-00789 Debt Securities, Preferred Stock, Preference Stock, Depositary Shares, Common Stock and Securities Warrants S-8 33-2241 Chiquita Savings and Investment Plan 33-16801 33-42733 33-56572 333-39671 S-8 33-14254 1986 Stock Option and Incentive Plan 33-38284 33-41069 33-53993 S-8 33-25950 Individual Stock Option Plan S-8 33-38147 Associate Stock Purchase Plan /s/DELOITTE & TOUCHE LLP - ------------------------ DELOITTE & TOUCHE LLP Milwaukee, Wisconsin January 30, 1998 -----END PRIVACY-ENHANCED MESSAGE-----