The two fruit producers had planned to combine to cut costs in a move that would have led to synergies in its shipping operations.

But Chiquita had been hunted by Cutrale, a juice maker, and investor Safra, repelling three offers while it tried to seal the Fyffes deal.

Instead it said on Monday that the board had unanimously approved the takeover at $14.50 per share, a 34% premium to Chiquita’s closing price in March, when the Fyffes deal was announced.

Chiquita formerly owned the so-called Great White fleet of reefers but it chartered the vessels back when they were sold to NYK and EastWind Maritime.