Shares in fresh food group Total Produce will be suspended from trade on the Euronext stock exchange from 7.30am on Friday 30 July, according to an update issued by the company on Wednesday morning.

Total Produce is in the process of concluding a deal to merge the business with Dole, one of the largest fresh produce and fruit companies in the US.

The merger will see the newly combined entity floated on the US stock exchange and will be one of the largest fresh produce companies in the world.

However, investors in Total Produce were left disappointed this week after the valuation of the new shares in the enlarged company were revised down to between $16 and $17. Total Produce had previously told investors it expected the shares in the new company to be valued at more than $20.

Total Produce also updated investors to say it expects its existing shareholders are likely to control just over 57% of the new merged company when the transaction is complete. Total Produce had previously told investors it expected they would own 61% in the previous valuation.

Investors reacted negatively to the news, with shares in Total Produce falling more than 10% on Wednesday to just over €2.

Total Produce had acquired 45% of Dole in 2018 with an option to purchase the remaining 55%

Total Produce is headquartered in Ireland but operates globally, particularly in Europe and North and South America in fresh fruit and vegetables.