Fyffes record results out today - about 10% above forecast!
EPS of around 13.5p and a PE of about 11 may not seem exceptional but the have 1 euro per share cash in the bank!

StockMarketWire.com
Fyffes has purchased a second large Canadian mushroom business, All Seasons Mushrooms Inc.

Fyffes has paid CAD$59.1m (£41m) to acquire 100% of the equity in All Seasons and refinance its debt. Fyffes is funding this acquisition through existing bank debt.

Fyffes entered the Canadian mushroom industry in April through the acquisition of Highline Produce Limited.

All Seasons, which is based in British Columbia, is one of the largest mushroom producers in Western Canada. It is a fully integrated producer operating from four facilities, of which three are owned and one is leased.

Its geographic reach will be highly complementary to that of Highline Produce.

The current CEO of All Seasons, Frank Moscone, will remain in the business post acquisition.

RECOMMENDED CASH OFFER for FYFFES PLC
by
SWORDUS IRELAND HOLDING LIMITED A WHOLLY-OWNED SUBSIDIARY OF SUMITOMO CORPORATION

TO BE IMPLEMENTED BY WAY OF A SCHEME OF ARRANGEMENT UNDER CHAPTER 1 OF PART 9 OF THE COMPANIES ACT 2014

Summary
· Sumitomo Corporation ("Sumitomo") and Fyffes plc ("Fyffes") are pleased to announce that they have reached agreement on the terms of a unanimously recommended cash offer by Sumitomo pursuant to which Swordus Ireland Holding Limited ("Bidco"), a wholly-owned subsidiary of Sumitomo, will acquire the entire issued and to be issued share capital of Fyffes.

· Under the terms of the Acquisition, Fyffes Shareholders will be entitled to receive:
for each Fyffes Ordinary Share €2.23 in cash

· The Acquisition values the entire issued and to be issued ordinary share capital of Fyffes at approximately €751,365,470.

· The Acquisition represents a premium of approximately:
o 49% to Fyffes' closing share price of €1.50 on 8 December 2016 (being the last practicable date prior to the publication of this Announcement);
o 53% to Fyffes' volume weighted average share price of approximately €1.46 over the 30 trading day period ending 8 December 2016;
o 52% to Fyffes' volume weighted average share price of approximately €1.47 over the 90 trading day period ending 8 December 2016; and
o 37% to Fyffes' all-time high share price[1] of €1.62, which occurred on 22 April 2016.

In addition, Fyffes Shareholders will be paid a final dividend in respect of calendar year 2016 by Fyffes of €0.02 per share in cash, bringing the total amount to be received by Fyffes shareholders to €2.25 per Fyffes Ordinary Share in cash. The final dividend will be paid to Fyffes Shareholders on the earlier of the Effective Date or 1 May 2017.

· Commenting on the Acquisition, Hirohiko Imura, Representative Director, Managing Executive Officer of Sumitomo, said:

"Sumitomo Corporation has long admired Fyffes for its outstanding track record and market leading position, and we are delighted that the Fyffes Directors have unanimously agreed to recommend our offer to shareholders. We believe that our offer represents a great reward for Fyffes' shareholders. We are grateful that the McCann family has provided an irrevocable commitment of support and is entrusting us to continue with them the rich Fyffes heritage. Sumitomo will provide Fyffes with experience, support and investment to continue to build on the tremendous Fyffes skills and experience and reach greater potential.

We have significant experience in the produce sector and look forward to working with Fyffes' executive directors, senior management and employees, customers and other stakeholders to strengthen Fyffes' already impressive market position through continued investment. We look forward to working with the Fyffes team to further develop the business over the longer-term and to expanding into new markets to better serve customers."

StockMarketWire.com
European Commission has determined that it will not oppose the recommended takeover of Fyffes by Swordus Ireland.

This completes the competition clearances required for the transaction to complete.

Completion of the transaction remains subject to the court sanctioning the scheme of arrangement at a hearing on 16 February.