Fruit and vegetable producer Dole Food Co Inc said yesterday, 12 August, that it had agreed to be taken private by its chairman and chief executive David Murdock, after the 90-year-old raised an offer initially made in June to $1.2 billion.
Investors would receive $13.50 a share in cash, an increase of $1.50 from Mr. Murdock's June proposal, and a 32% premium to Dole's share price immediately before that proposal, the company said on Monday.
Murdock's attempt to buy the fruit and veg company comes ten years after he acquired the banana, pineapple and packaged salads seller for $2.5 billion. The company was re-leased in 2009.
While the deal still requires approval from majority shareholders, industry experts expect the transaction to go through, due to the high premium offered by Murdock, which is unlikely to be matched by other bidders.
© 2013 - ESM: European Supermarket Magazine by Ellen Lunney
