August 13, 2013

Board backs deal to take Dole private

The Associated Press

WESTLAKE VILLAGE, Calif. —

Dole Food Co. said Monday that its CEO is taking the business private in a deal that values Dole at about $1.21 billion.

Dole shareholders will receive $13.50 per share, a 5 percent premium on its $12.81 Friday closing price. That's a sweetened bid for the fresh fruits and vegetable business, up from the $12 per share that Chairman and CEO David Murdock offered in June.

Dole currently has about 89.9 million outstanding shares, according to FactSet. The company put the transaction's total value at about $1.6 billion, which includes debt.

Dole Food Co. Inc.'s stock jumped 68 cents, or 5.3 percent, to close at $13.49 Monday. The shares have traded in a 52-week range of $9.25 to $15.19.

Dole's board unanimously approved Murdock's offer, which still needs the approval of at least a majority of outstanding shares held by stockholders other than Murdock and his affiliates. Murdock abstained from the board vote.

 

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