CEO Murdock to buy Dole Food for $13.50 a share
David H. Murdock, chairman and chief executive of Dole Food Co. in Westlake Village, Calif., is taking the produce company private in a deal valued at $1.21 billion.
The Los Angeles billionaire will pay $13.50 a share in cash for all the outstanding shares of common stock he doesn't hold. As of June, he and his family members owned nearly 40 percent of Dole shares.
The purchase has been months in the making. Murdock made a $12-a-share proposal in June. The transaction represents a 32 percent premium over the $10.20-a-share price at which the stock was trading before the negotiations became public.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Pennsylvania Game Commission reaps revenue from shale gas under game lands
- University of Pittsburgh researchers revisit war of electric currents
- As historic breakup nears, Alcoa works to redefine its ‘advantage’
- Energy Spotlight: Minking Chyu
- Small stores take big gamble by not upgrading credit card readers
- Program lets public service workers be forgiven for student debt
- Older workers try to cut back on hours at job
- Yahoo investors losing patience with ‘star’ CEO Marissa Mayer
- Batteries key to alternative energy’s success
- Nutritional supplement makers, led by GNC, want to create voluntary safety standards
- Asian bug threatens oranges in Florida