CEO To Take Dole Private In $1.21B Deal

Dole Food says it will be taken private by its CEO in a deal that values the company at approximately $1.21 billion.

WESTLAKE VILLAGE, California (AP) -- Dole Food says it will be taken private by its CEO in a deal that values the company at approximately $1.21 billion.

Dole shareholders will receive $13.50 per share, a 5 percent premium to its $12.81 Friday closing price. This is a sweetened bid, up from the $12 per share Chairman and CEO David Murdock offered in June.

The company put the transaction's total value at about $1.6 billion, which includes debt.

Dole Food Company Inc.'s stock jumped 64 cents, or 5 percent, to $13.45 in Monday morning trading.

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

The deal is expected to close in the fourth quarter.


More from MBTMag.com

Inventor Musk To Share Plans For High-speed Travel

BlackBerry Weighs Putting Itself Up For Sale

Car Company's Big Plans Haven't Come To Fruition

Explore more news here.

More in Home