Belgian fresh produce distributor Greenyard’s final offer to buy Dole Food Company has been declined.

Although Greenyard’s final offer to purchase Dole Food, an American company, on 5 January was unsuccessful, the latter still has several options to consider. According to Hannes Niewoudt, Managing Director of Dole South Africa, there were a few hitches in Greenyard’s initial offer.

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“As is the case with any transaction, there were attempts to iron out these sticking points, but even after Greenyard’s final offer, Dole’s directors felt that there are better possibilities available. We should have clarity regarding the direction Dole’s board of directors will choose by mid-February,” he said.

Business within the entire Dole company will continue as normal, he adds. Greenyard’s annual income from sales is approximately €1.05 billion per year, while Dole sees sales income of about $4.5 billion per year, according to Forbes.