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CHIQUITA ANNOUNCES EXTENSION AND AMENDMENT OF EXCHANGE OFFER

CHIQUITA ANNOUNCES EXTENSION AND AMENDMENT OF EXCHANGE OFFER
 CINCINNATI, Oct. 1 /PRNewswire/ -- Chiquita Brands International, Inc. (NYSE: CQB) announced today that it has extended its pending exchange offer for up to 5 million shares of its common stock. Additionally, the company announced that it has amended certain terms of the depositary shares and related preferred shares to be issued upon the exchange of the common stock, as described in its offering circular dated Aug. 24, 1992.
 As amended, the depositary shares will pay higher cumulative annual dividends of $1.32 per share instead of $1.28 per share and the appreciation cap (that is, the price of Chiquita common stock above which depositary shares convert by their terms into shares of common stock on less than a one-for-one basis) has been increased to $24.00 from $23.00 per share.
 The offer, originally scheduled to expire at 5 p.m., Eastern Time, on Sept. 30, 1992, has been extended until 5 p.m., Eastern Time, on Oct. 26, 1992. The condition for a minimum tender of 2 million shares was satisfied as of 5 p.m. on Sept. 30, and will continue to apply to the offer as extended. Additional information regarding these amended terms, which will amend the offer contained in the offering circular, will be mailed to Chiquita shareholders in the near future.
 As of the close of business on Sept. 30, approximately 2.4 million shares of common stock had been tendered and not withdrawn, including a tender of 1 million shares by American Financial Corporation, which holds approximately 47 percent of Chiquita's outstanding common stock.
 Holders of common stock who have previously tendered shares and who do not wish to withdraw their tenders need not take any further action in order to receive depositary shares with the new terms. Shares of common stock previously tendered may be withdrawn at any time prior to their acceptance by the company.
 Chiquita is a leading international marketer, processor and producer of quality fresh and prepared food products.
 -0- 10/01/92
 CONTACT: Sandra W. Heimann of Chiquita Brands International, 513-784-8011
 (CQB) CO: CHIQUITA BRANDS INTERNATIONAL IN: FOD SU: OFR ST: OH -- CL006 -- X921 10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
Words:367
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