CEO Murdock to buy Dole Food for $13.50 a share

| Tuesday, Aug. 13, 2013, 12:01 a.m.

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.

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