TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

CEO Murdock to buy Dole Food for $13.50 a share

By The Los Angeles Times
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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Cranberry-based Prodigo Solutions: Hospitals can reduce high supply costs
  2. With acquisition, PNC set to enter IPO market
  3. Consumer spending climbs as job gains boost incomes
  4. NHTSA probes sudden acceleration complaints in Toyota Corollas
  5. Another card system hack at Supervalu, Albertsons
  6. Stocks decline on overseas political troubles
  7. Allegheny Health Network expands women’s services in competition with UPMC
  8. State cites Patriot Coal in W.Va. mine accident
  9. Columbia Gas parent to spin off pipeline operations
  10. Look for strengths before writing off employees
  11. Airmall thriving despite fewer flyers at Pittsburgh International Airport
Subscribe today! Click here for our subscription offers.