RubinBrown Food & Beverage Update 2015

M&A Activity Overview: 2014-2015 Deal Spotlight

Sucocitrico Cutrale Ltda; Banco Safra S.A., Investment Arm / Chiquita Brands International Inc. On August 11, 2014, Sucocitrico Ltda. and Banco Safra S.A., Investment Arm made a non-binding proposal to acquire Chiquita Brands International Inc. for approximately $610 million in cash. Chiquita agreed to the deal in late October 2014 for $742 million. Cutrale and Safra Groups successfully completed their $14.50 per share tender offer for 39.79 million shares of common stock on January 6, 2015. The agreement came after Chiquita shareholders voted to reject a proposed $1.07 billion merger with Irish food company Fyffes PLC that would have created the world’s largest banana seller.

General Mills, Inc. / Annie’s Inc. On September 8, 2014, General Mills entered into a definitive agreement to acquire Annie’s, Inc. for approximately $820 million in cash. Under the terms of the agreement, General Mills will commence a cash tender for $46 per share. The deal is inclusive of the acquisition of options, restricted stock units and performance share units. Annie's will join General Mills' U.S. natural and organic products portfolio. General Mills intends to fund the acquisition

Ajinomoto North America, Inc. / Winsor Quality Food Company, Ltd On September 10, 2014, Ajinomoto North America, Inc. agreed to acquire Windsor Quality Holdings for $800 million. The Ajinomoto Group will retain Windsor’s current management structure after closing. Procedures were completed on November 5, 2014 to acquire full equity interest in the target. As a consolidated subsidiary, Windsor will strengthen its own product portfolio in the North American frozen food business to expand its share in this growing market.

through available credit. The transaction was unanimously

approved by the Boards of Directors of both General Mills and Annie's, Inc.

www.RubinBrown.com

Food & Beverage Industry Sector: 2015 Mid-Year Update

6