August 13, 2013
David Murdock, chairman and CEO of Dole Foods has reached an agreement with the company to acquire it in a $1.2 billion cash deal which when including an assumption of debt will make the total value of the purchase $1.6 billion. Investors will receive $13.50 per share in cash. Mr. Murdock first took Dole private in 2003 for $2.5 billion and then public once again in 2009 raising $446 million selling shares at $12.50 each giving the company a value of just over $1 billion at the time. The company has 30 days to explore alternate proposals. The deal is expected to close in the fourth quarter.
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